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Estate Planning as a Family Conversation (NYT)

by Phil Levin, Esq. on March 16th, 2010

I thought you would find this article, Estate Planning as a Family Conversation, by Deborah Jacobs, published in The New York Times on March 4, 2010, to be of interest, both personally and professionally, especially for your clients who can benefit from working with an estate planning attorney to ensure that their estate plan is up-to-date and reflects their current dispositive intentions.

The 3 “Take-Aways” are as follows:

1. “Families that speak freely about estate planning can sometimes address awkward situations that might arise, like the choice of the executor – who is in charge of distributing assets after someone dies – or succession plans for a family business, or the leaving of assets in trust.”

2. “A trickier situation involves adult children who notice signs of a parent’s mental decline. Once parents become incompetent, they lack the legal capacity to make binding commitments, so it is important to sign estate planning documents before that happens. But broaching the matter may threaten a parent’s independence and desire for control.”

3. “Sure, it is easy to get frustrated with parents who do not put their affairs in order. But keep in mind that having the conversation requires them to confront their mortality. For both parents and children, that can be a gigantic step.”

Please do not hesitate to contact The Levin Law Firm whenever we can be of service regarding estate planning matters.

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