The practice of trusts and estates law typically entails three sets of complexities. The complexity of the law and of the financial situation of the client are well known to most business attorneys. Estates and trusts, however, add a third level of complexity: the family situation of the client. In fact, in many estate-planning situations, the emotional nuances of the family environment and the client’s wishes pose more difficult challenges than the law or the structure of the client’s business ventures and finances.
Clients will naturally assume that their individual situation is unique, and, to a certain degree, they are right when it comes to the details. Beneath those details, however, are certain similarities in broad goals that many clients will share. Estates and trusts attorneys have therefore been able to develop a number of fairly standard and inexpensive solutions to these customary challenges. This article takes a look at a few of the more common challenges that parents face when making their estate plans.
