Does your estate plan clearly communicate your wishes?

Precise language is critical in estate planning documents. A lack of clarity is an invitation to litigation. An example of this is the dispute that arose after Tom Petty’s death between his widow and his two daughters from a previous marriage. In this case, it appears that his trust appointed his widow as “directing trustee,” while providing that she and his daughters were entitled to “participate equally” in the management of his assets. However, the trust failed to spell out the meaning of “equal participation.” The bottom line is that the expense and emotional strain of litigation could have been avoided by including language in the trust that made Petty’s intent clear.