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Easy, affordable ways to create a will online<\/p>\n
Online will makers can help you divvy up your assets the way you want to at a more affordable rate.<\/p>\n
Problem Solved<\/p>\n
“The best-laid plans of mice and men often go awry,” wrote poet Robert Burns.<\/p>\n
That may be no truer than in estate planning.<\/p>\n
Rupert Murdoch, 94, patriarch of the News Corp empire, last year lost a legal battle<\/a> over control of his media businesses<\/a>, including Fox News. Jimmy Buffett<\/a>\u2019s widow Jane and his longtime business manager and financial adviser Richard Mozenter currently have dueling lawsuits for control of the late Margaritaville singer\u2019s $275 million estate.<\/p>\n With the great wealth transfer underway, people \u2013 even the rich, famous and business savvy \u2013 still struggle to get the transfer right. Laws, assets and especially, relationships change over time, making long-term planning tricky.<\/p>\n \u201cEffective estate planning accounts for the moment when family members no longer see eye to eye, rather than assuming harmony will last,\u201d said Kevin Ghassomian, Venable LLP partner.<\/p>\n What could go wrong?<\/p>\n More Baby Boomers \u2013 the largest generation until recently \u2013 are aging, suffering from dementia<\/a>, dying, and according to research and consulting firm Cerulli Associates, passing on their nearly $70 trillion in assets between 2018 and 2042.<\/p>\n All those factors, and more, contribute to the increase in estate litigation, lawyers said. The State of New York\u2019s court system, for example, reported an approximate 350% increase to 3,500 from 1,005 in contested estate cases between 2016 and 2019.\u00a0They declined in 2020 amid pandemic-related court closures, but the growing trend remains intact.<\/p>\n Some well-known figures have recently been at the center of such legal battles.<\/p>\n Ultimately, a Nevada probate commissioner ruled<\/a> father and son acted in \u201cbad faith\u201d and that instead of making changes in the best interests of all of the beneficiaries, the goal was simply to put Lachlan in charge, according to The New York Times<\/a>.<\/p>\n Buffett\u2019s mistake was naming cotrustees of the trust, Ghassomian said. \u201cWhen cotrustees are given equal authority without a process for resolving disagreements, the result is not governance but gridlock,\u201d he said. \u201cWithout a clear framework for decision-making, the trust becomes vulnerable to personal conflict and, ultimately, litigation.\u201d<\/p>\n How can people avoid conflicts?<\/p>\n When talking about estate planning, a will is often the first thing that comes to mind. A will dictates<\/a> how your assets\u00a0will\u00a0be distributed upon your death. However, it\u2019s just one piece of the puzzle.<\/p>\n Many lawyers and financial advisers will also suggest other tools such as trusts<\/a>. Trusts can offer greater control over how and when assets are distributed, and they can also help avoid a potentially lengthy and costly legal process called probate<\/a>. But they can also be complicated.<\/p>\n \u201cThere is no one-size-fits-all solution when it comes to using a trust,\u201d said Cheri Stein, senior trust officer\u00a0with Plante Moran Wealth Management.<\/p>\n Choosing the right one is paramount, but that\u2019s easier said than done.<\/p>\n Trusts are complicated, should people skip them?<\/p>\n The Murdoch and Buffett \u201cdisputes do not reflect a failure of trusts as a planning vehicle,\u201d Ghassomian said. \u201cRather, they illustrate the consequences of inadequate structure, poor governance design, or failure to anticipate future conflict. Trusts are not inherently problematic. In fact, when thoughtfully drafted, they are among the most effective tools<\/a> for managing wealth, protecting beneficiaries, and carrying out long-term family objectives.\u201d<\/p>\n\n
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