Just as spending a day under the summer sun without proper protection can leave you with a painful sunburn, an unfinished or out-of-date estate plan can inflict harm on you and your loved ones. In this newsletter, we explore the importance of creating a comprehensive estate plan to protect your legacy and ensure a smooth transition to future generations.

Your relationship with your parents and with your own children is important for several reasons, including developing an effective estate plan. Simply maintaining a loving relationship with a parent does not necessarily guarantee inheritance rights. A legal right to inherit depends largely on the legal relationship between a child and that child’s parent, the existence of a valid estate plan, or if no estate plan exists, the applicable laws of intestacy in a given jurisdiction.

There are several estate planning strategies that can be tailored specifically to handling boats and other vessels or personal watercraft. By implementing these strategies, you can ensure a seamless transition of ownership, mitigate potential tax burdens, avoid family squabbles, and pave the way for future generations to enjoy the pleasures of being out on the open water.

Nine Ways Your Estate Plan Could Breed Conflict

Friction between family members can escalate during a scorching summer heatwave. Likewise, a flawed estate plan has the potential to breed conflict, mistrust, and financial turmoil among your beneficiaries in several ways.

This information is for educational purposes only and cannot be considered legal advice, nor does the receipt of this newsletter create an attorney client relationship.