The estate planning and elder law community prioritizes personal autonomy, allowing individuals to make their own choices, including who will manage their care if they become incapacitated.
Managing out-of-state property in probate often requires ancillary probate, which can add complexity and cost. However, using the right strategies to avoid ancillary probate can prevent these issues.
Piecemeal estate planning, where wills, trusts, insurance policies and other instruments are created in isolation, often leads to conflicts and inefficiencies.
Warren Buffett emphasizes transparency in estate planning, urging families to discuss wills before signing. Open conversations prevent misunderstandings, clarify roles and strengthen bonds.
Many individuals, even those with significant assets, are negligent in establishing a comprehensive estate plan. A will, although necessary, is not sufficient.
