There are many reasons to help clients avoid probate—it’s costly and time-consuming, not to mention it has the potential to make a public spectacle of a very private matter. More often than not, probate disputes can arise in response to unequal treatment of siblings and other close family members in an individual’s estate plan. Since the loss of a loved one already spikes heightened emotions, adding the uncertainty of what their loved one’s estate was worth, who is playing what role in the administration of their will, and who inheriting what assets can easily aggravate old family divisions, provoking costly family feuds in probate court.
Much of life follows the 80/20 rule. Also known as the Pareto Principle (named for the Italian economist who devised it), this formula calculates that 20% of your conversations are responsible for 80% of the profitability of the relationship. That holds true whether it’s business or personal.
“Sonny, it’s business. Not personal.”
Most of us remember The Godfather and that classic piece of counsel from Tom Hagen to the hot-headed Sonny. While separating “business” from “personal” may have been a worthy approach for the Corleones, estate planning professionals know otherwise.