The Gravy Boat That Sank The Ship

Unfortunately, a lot of people do not understand why they need to have an estate plan. Or even why they should consult a professional estate planner. And it is this kind of lack of understanding that can lead to major disputes in how your estate is handled upon your death.

Perhaps you feel that you don't even have enough assets to warrant an estate plan or you might even feel like the assets you have do not hold any financial value. However, it is not only the financial value of your assets you should consider, but the emotional value as well. Maybe to you, that old ceramic gravy boat you bought at a second hand shop has little monetary value, but to your children it holds sentimental value because you only used it on special occasions.

Suddenly, you die without a proper estate plan. Emotions are high. Two or more of your children decide they really want that gravy boat, but you haven't specifically stated which of your heirs should get it. Tensions increase and the fighting escalates. And then before you know it the entire estate ends up in litigation and siblings are no longer speaking to one another. All of this over a cheap gravy boat!

This example may sound ridiculous, but similar situations like this happen all the time.

If you want to avoid this kind of confusion and difficulty you should consult with one of our professional Los Angeles Estate Planning Lawyers.

*This blog entry was not written by an Attorney and should not be constituted as legal advice.