In last week’s blog post, we discussed how Robin Williams engaged in solid estate planning by establishing a trust. That affords his family the dignity of privacy and saves them a lot of time, money, and headaches going through the court system.

Case Study of a Fighting Family

This week, I thought it would be enlightening to look at what would happen in the case of a family whose loved one didn’t have a trust. We recently became aware of an estate where the decedent passed away eight years ago, and his family has been embroiled in a bitter fight ever since. It’s still going on.

The reason? He left an estate worth $15 million, and the will was insufficient in determining who would take control of the companies he was running (he never got around to establishing a trust). Obviously, taking control of the family businesses is a big deal, so the family is fighting endlessly about who should get what.

To date, the debacle has cost them more than $1.7 million on estate fees. It’s nice for the lawyers, maybe, but it’s just not smart estate planning.

A Quick Reminder

Remember, good planning with a trust will help you avoid the lengthy and expensive probate process in the courts, and it also means that your family’s dirty laundry won’t become public record through the will document.

But perhaps most importantly, it’ll help minimize the family fighting. I’ve seen some pretty horrible fighting over an estate, and it’s a real shame for families to break apart over money and control over their loved one’s estate.

Don’t let that happen to your family. Talk to us at Morton Law, and get started on an estate plan today!

~ Ronald Morton