Trusts are technical legal instruments that require a keen eye and foresight on the part of the attorney drafting them. Should an estate planner fail to make certain considerations, not only can they undermine their practice’s integrity but also jeopardize a beneficiary's financial security. To avoid falling victim to their snare, below are a few common mistakes to avoid when drafting trusts for minors.
All families have their challenges. Siblings fight. Children demand fairness. Parents lay down the law. When the family dynamic enters the legal realm, in addition to the law, attorneys must arm themselves with a bit of psychology know-how, too.
Elder law attorneys rely on a heightened degree of human interaction. Focus on the human element is more heavily emphasized in this unique area of law because the tasks within it involve family dynamics, familial history, finances, healthcare, and strong emotions. It is all too common for confusion and disputes to arise, from asset disagreements to caregiver misunderstandings. The very act of creating a plan for one’s life and death may create conflict among family members, partners, and friends of the planner.
Attorneys focusing on areas of elder law can lessen, and even prevent, many potential complications through careful navigation of the particular family’s distinctive complexities. The key to mitigating future challenges and familial fighting can be summed up into one word: COMMUNICATION. Most conflicts arise when parties are not on the same page.
Ask any estate planning attorney—what is the most important thing that we need to know after someone dies? Their answer: we need to know the assets! This includes knowing what their assets are, who has legal authority over the assets, what the values are, and who will receive these assets.