Proper estate planning can help families prevent costly disputes
Q&A With Alan G. Hollowaypublished in The Oklahoman | February 26, 2010
McAfee & Taft tax attorney Alan Holloway was featured in The Oklahoman discussing how to avoid costly family disputes over the disposition of estates with proper estate planning. Holloway discusses actor Dennis Hopper’s legal dispute with his wife over what will happen with his estate after his death and points out that as people live longer and multiple marriages and blended families become more common, the frequency with which these disputes occur is increasing, especially those among a surviving spouse and children from a previous marriage.
Holloway tells The Oklahoman, “Although it is impossible to anticipate and avoid every possible problem, there are steps that can be taken to help prevent or resolve disputes.” For example, he suggests that your will should clearly state who should be the guardian of any minor children and who should be in charge of any assets left for the benefit of those children. He also recommends if a child is to receive no share of your estate that you explain why to prevent that child from recovering a larger amount under the law.
According to Holloway, “It is generally a good practice to review your will or trust annually or sooner if circumstances involving your health, marital status or children will be changing.”