Estate planning is a process of making arrangements in advance of the time when you may not be able to make or communicate your own wishes and desires. Often advance planning can avoid courtrooom procedures involving yourself and family members. You can anticipate circumstances and set down methods of avoiding problems at the time of a transitional event like death, a stroke, or an accident.
The planning process has several steps. The final step is the production of legal documents that give effect to your plan. Having good counsel during the early steps of the process can educate you about mistakes that other people have already made and regretted (or would have regretted if they had lived to see the outcome). One very common mistake is not coming to see an experienced lawyer who can help you think about your choices. You don't have to have everything worked out before you schedule your visit. The purpose of the consultation is to talk things over.
There is a large body of law, developed over many centuries, that governs the administration of trusts and estates. Lawyers who practice in this field need to know statutes, codes and case precedents. Experienced practitioners also know about the myriad of practical matters that come up . . . the who, what, when, where, and how questions that family fiduciaries face.
Legal advice is not only necessary for those who are planning an estate -- it is essential for the ones selected to execute those plans. The maker of a will usually selects someone who is "good with money" to serve as trustee, executor, personal representative, successor manager, or attorney-in-fact. Unfortunately, the appointee may be so frugal that he risks going without an advisor. Remember that there is a large body of law out there. It is there to be a guide, and its wisdom is transmitted through the professional who has studied it.
Duties of Family Fiduciaries
If you are serving your family or friend as an executor, trustee, or personal representative, you are entitled by law to be paid and you may hire legal counsel at the expense of the estate. Do not overlook this right to counsel for sentimental reasons. Your job is too important and the consequences of your mistakes could harm those you love the most and ensnare you with personal liability. Your good judgment is only as good as your information.
If you are a beneficiary of a trust or an estate, you also have rights under the law. Some of these rights are not set down in the the will or trust document, but come to us from statutes and case precedents . . . some go back to before the creation of the United States of America.
Sometimes in the face of death or disability, a person feels isolated and singled out. Nothing could be further from the truth. Your unique situation is yours alone, but its uniqueness is not because the issues are uncommon. The law has probably been there before and there is wisdom within reach.
