“Nothing ever goes exactly as you expect.” - The importance of an open estate planning
My father was always saying that our lives are defined by the sum of our choices. But it isn’t really our choices that mark who we are. It’s our commitment to them. From the moment we’re born, we’re drawn to form a union with others. This is owing to the abiding drive to connect, to love, to belong. In a perfect union, we find the strength we cannot find in ourselves. But the strength of the union cannot be known until it is tested.
It is usually tested when the undefeatable event of death comes into play and the decedent hadn’t anticipated and arranged for the disposal of her estate during her lifetime. All these years of my legal career, I have worked with a lot of families from diverse backgrounds. I really have enjoyed working with all of them, but especially I have felt more useful when I have to represent the interests of families in which their members are in conflict. In these situations, parents hadn’t conducted any estate planning or if they had, they did it behind closed doors. Under these circumstances, my role and goal is to keep the peace in the family and preserve the family wealth.
Most of the times, the problem starts from the parents. Sometimes, they have neglected about what is going to happen regarding their estate upon their death. Some other times, they have conducted estate planning secretly and without having discussed this with their children. I strongly believe and encourage to take a look at the other side of the coin.
My father was always saying that our lives are defined by the sum of our choices. But it isn’t really our choices that mark who we are. It’s our commitment to them. From the moment we’re born, we’re drawn to form a union with others. This is owing to the abiding drive to connect, to love, to belong. In a perfect union, we find the strength we cannot find in ourselves. But the strength of the union cannot be known until it is tested.
It is usually tested when the undefeatable event of death comes into play and the decedent hadn’t anticipated and arranged for the disposal of her estate during her lifetime. All these years of my legal career, I have worked with a lot of families from diverse backgrounds. I really have enjoyed working with all of them, but especially I have felt more useful when I have to represent the interests of families in which their members are in conflict. In these situations, parents hadn’t conducted any estate planning or if they had, they did it behind closed doors. Under these circumstances, my role and goal is to keep the peace in the family and preserve the family wealth.
Most of the times, the problem starts from the parents. Sometimes, they have neglected about what is going to happen regarding their estate upon their death. Some other times, they have conducted estate planning secretly and without having discussed this with their children. I strongly believe and encourage to take a look at the other side of the coin.
My perspective is that the parents should talk openly with their children about what they are thinking of doing with their estates, what they expect to reach, and how their decisions will have an effect on the entire family. Adult children are often in an excellent position to give parents their views and feedback on plans that will finally have more effect on the children’s lives than on the parents’ lives. While parents are eventually accountable for their estate and charitable plans, talking openly with adult children seems sensible because these plans are concerning the children as much as they are about the parents--if not more.
Therefore, effective estate planning will reduce the family conflicts and the uncertainties over the administration of the probate. In addition, it will boost the value of the estate by eliminating taxes and other expenses. This process is not only sensitive but also very important because it is about the parents’ and the family’s legacy.
The estate planning can be conducted with the creation of a will that will reflect the testator’s wishes and will best serve the testator’s children and spouse. According to the Greek law, there are three kinds of wills; a) the public will, b) the secret will, and c) the hand-written will. Another Greek way of estate planning is through a parental gift (also known as "goniki parochi"), which can be utilized in situations when the parents/grandparents desire to convey property to their children/grandchildren.
Alternatively, according to the NY law, a will must be in writing and the testator must sign the will in the presence of two witnesses. The estate planning becomes even more crucial when we have to deal with insurance policies, annuities, retirement accounts and pensions. In these situations, the testator should designate the beneficiaries on these policies and accounts, as these assets cannot be allocated through a will.
The estate planning can be conducted with the creation of a will that will reflect the testator’s wishes and will best serve the testator’s children and spouse. According to the Greek law, there are three kinds of wills; a) the public will, b) the secret will, and c) the hand-written will. Another Greek way of estate planning is through a parental gift (also known as "goniki parochi"), which can be utilized in situations when the parents/grandparents desire to convey property to their children/grandchildren.
Alternatively, according to the NY law, a will must be in writing and the testator must sign the will in the presence of two witnesses. The estate planning becomes even more crucial when we have to deal with insurance policies, annuities, retirement accounts and pensions. In these situations, the testator should designate the beneficiaries on these policies and accounts, as these assets cannot be allocated through a will.
Family is not just an important thing; it’s everything. It is the link to our past, the bridge to our future. Therefore, discuss and plan your estate with the people you love and care about most. This may also be a very good way to resolve some of the emotional and interpersonal issues that may exist in the family. Remember that the memories of our deeds will continue in others.
