As a Cincinnati estate planning attorney with years of experience, I have learned how to create an environment where clients feel comfortable asking me any estate planning question without embarrassment. Every client is unique, and I can assure them there are no wrong questions. My goal is to develop a customized estate plan that meets their goals, protects their loved ones, and safeguards their hard-earned assets.
Here are 5 questions clients may feel hesitant to ask. Are any of these on your mind as well?
1. Can I leave someone out of my will?
If you have a family member you don’t want to inherit your assets, that is your business. Maybe it is an estranged child or a sibling you have never gotten along with. Depending on the relationship the answer is often yes, you can. But in other cases, such as spouses and minor children, legal protections and state laws apply.
2. What happens if my family fights over my stuff?
The best way to avoid family conflict is to have a will with specific, clear instructions for distributing your assets. I often advise my clients to share the details with their loved ones ahead of time so there aren’t any surprises. In addition, a personal property memorandum and a trust may be useful. I have found that some of the most contentious feuds haven’t been over the money but over items that have little monetary value but enormous sentimental value; a quilt that has been passed down over the years or even a piece of costume jewelry. Make sure the distribution of these items is crystal clear.
3. Can I leave everything to my favorite child?
In other words, can you leave more to one child than another or leave a child out entirely? You can structure unequal inheritances. Sometimes treating children fairly doesn’t always mean treating them equally. Of course, as mentioned, if they are minors, legal protections apply. Together we can develop a plan to meet your goals. For example, you could use a trust to protect an inheritance for a beneficiary who needs help managing money.
4. Do I really have to tell my family how much money I have?
This is a question you should discuss openly with your estate planning attorney. First, you need to provide your attorney with accurate information about your assets; then you can discuss how much to share with family members. Sometimes it helps to communicate your overall wishes without disclosing specific amounts. But generally speaking, keeping your estate plan a secret will likely create confusion or conflict later. Together we can develop a plan that strikes the right balance for you. And someone definitely needs to know you have an estate plan and where it’s kept.
5. What if I don’t want my spouse to get everything?
This is a question that often comes up in blended families, second marriages or where children from a previous marriage need to be considered. A hidden question is often “how can I protect my kids from my previous marriage without leaving my spouse nothing?” Blended families need careful estate planning for many reasons. Trusts can often be an extremely helpful tool. And beneficiary designations must be kept up to date. Blended families face many scenarios, and they require open, honest discussions to ensure your estate plan meets the needs of all your loved ones.
Your estate planning attorney is not there to judge you or your family. The goal is to ensure your plan reflects what matters most to you and meets all legal requirements. If any of these questions are on your mind right now, I encourage you to call me. Let’s talk about your unique situation and how we can develop a plan to meet your goals while protecting your loved ones and hard-earned assets. Please don’t hesitate; call me at 513-399-7526 or visit my website, www.davidlefton.com.