April 19, 2017

A new study indicated that up to one-quarter of married adults shared that only their spouse understood the location of their power of attorney and the wills. That survey also indicated that less than 30% of adults knew the location of their parents’ wills or details about the estate distribution plans or executor selections.

It turns out that families with significant wealth may have a long way to go in order to effectively discuss estate planning. Family dynamics are becoming more complex, making it more likely than ever that there will be a conflict after somebody passes away. 40% of the individual surveyors felt that the current distribution plans for their parents’ estate were unfair. Unmarried respondents were those individuals most likely to indicate this. Several financial planning tips can assist you with ensuring that you have minimal conflict opportunities with your loved ones. These include:

• Setting up a meeting to discuss tax implications.
• Using a trust to transfer assets outside of your estate.
• Reviewing your will on a regular basis to ensure that it is updated.

If you have questions about the estate planning process and how it can be used to help you contact an experienced estate planning lawyer today.