Everybody's circumstances are different. That is why Attorney Dean E. Patrick, works with his clients one on one to explore, discover, and assure their goals are attained.

Below are a few stories to help you recognize your goals as regards the estate planning and probate process.

Second Marriages

Harry husband and Wendy wife, both with children from a previous marriage, have been happily married for some time. Trusting their children will "do the right thing," Harry and Wendy did not plan for passing aside from adding each other's name to their different accounts and the home that had been in Harry's family for generations. After forty years of marriage, Harry passed away and all jointly owned assets became the property of Wendy.

Fragile after the loss of her husband, Wendy's children urged her to create a trust to avoid probate. In the trust she gave Harry's children the personal effects of her late husband and balance of the trust to her children.

In this case, Harry's children not only lost out on the investment and cash assets their father had earned, but they lost the family home to their step siblings.

If Harry and Wendy had planned for passing with a will or trust, Harry could have assured the family home ended up with his children as he intended.

Planning With Joint Tenancy

Same circumstances as above without a house to consider. Wendy decided she would listen to her friend and add her children's names to the accounts she inherited to avoid probate. Unfortunately for Wendy, she was in for a stressful year.

When Wendy added her children's names to her account jointly, she unwittingly increased her liability for every child she added to her account.

Wendy's oldest child, Ronald, was happily married to a girl he met on the internet. Unfortunately, she wasn't and began Guardianship proceedings. Because Ronald's name was on the title to Wendy's account, her account was potentially susceptible to distribution during the Guardianship proceedings.

Alright under stress from the Guardianship of her oldest child, Wendy finds out her youngest son, Larry, has been in an accident. The damage caused by Larry's mistake exceeded the amount available for payout under his insurance policy. When the plaintiff in the case attempts to collect, Wendy's assets are susceptible to collection proceedings.

We will give Wendy a break and assume the previous two stressors never occurred. Instead, Ronald, in this terrible recession is forced to file bankruptcy. In this circumstance, Wendy's assets may now be susceptible to the bankruptcy court.

While Wendy was correct regarding probate avoidance, she was not informed about the downsides. If Wendy had planned for incapacity and death, all of the above stressors could have been avoided.

Planning With Quit Claim Deeds

Same circumstances as above except all of the assets have been spent for Wendy's growing healthcare needs and only the family home remains. Wendy decided she would listen to her hair stylist and transfer the property to her oldest child with a quit claim deed to avoid probate. Trusting his older brother would give him his due share of the home when Wendy passed, Larry did not object to the arrangement.

Unfortunately, Ronald passed away leaving Wicked Widow behind. While organizing his affairs, Wicked found the quit claim deed from Wendy to Larry. What did she do next? She probated the property and gained sole title as the widow of Larry.

Wicked, greedy and never truly trusted by the family, evicted fragile Wendy from the house and sold it.

Not only did Harry's children loose out on their share of the inheritance, so did Wendy's son. This situation could have been avoided if Wendy had planned properly.