Many people plan their estates and protect their assets with their estate planning lawyer confidentially or with only a partner or spouse in on the meetings with the attorney. In some instances, as with family businesses meant to be handed down from one generation to the next or real property that the estate owner would like to keep in the family, multigenerational estate planning may be a great option.

So what does multigenerational estate planning do? It protects assets in the name of beneficiaries, but it often includes these beneficiaries in the dialog preceding the execution of documents such as wills and trusts. Many families don’t like to talk money, but when it comes to family businesses, such a conversation with the family is truly in the best interest of all. The head of a family who is passing on a business should decide and name who they choose as their successor — ignoring this detail can raise a number of issues, not the least of which are unnecessary disputes that waste time and create animosity.

Multigenerational estate planning isn’t all about money and assets — generational estate planning is also an open door for family members to discuss what will occur in the event of an untimely death, prolonged incapacitation such as a coma, choosing a medical power of attorney, and where funds might come from if a medical disability makes it necessary for constant care.

When you retain the counsel of an estate planning lawyer you can discuss what multigenerational options you may have if you are unmarried with children or if you are a same-sex couple needing asset protection for your successors. An estate planning attorney can guide families through the multigenerational estate planning approach and discuss what the advantages are.