Don’t Keep it a Secret! – The Truth About Estate Planning Conversations

August 29, 2013

Recently, BMO Management conducted a survey concerning communication of estate plans. Although 90% of American adults surveyed stated that estate planning is “an important topic to discuss,” only 19% of those adults reported actually having detailed estate planning discussions with their parents. A recent article discusses why these results are problematic.

Family Discussion
Family Discussion (Photo credit: LRJ53)

The absence of an estate planning discussion can cause trouble down the road. This trouble often leads to fighting among heirs, and a long, drawn out process of estate distribution. Through estate planning conversations, parents can discuss the reasoning behind their estate planning maneuvers and ensure that their children understand the intent behind the estate plan.

The sooner such conversations can take place, the better. As BMO vice-president of financial planning Stephen Williams explains, “Your personal legacy depends more on the effective communication of your values, plans and beliefs than on the items that can be neatly summarized in the paragraphs in your will and trust.” If you are a parent, begin this conversation on a positive note. Inform your children of what estate planning documents you have put in place and then begin a deeper discussion of your plans. If possible, have this conversation as a family.

Enhanced by Zemanta

Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

What Happens When Your CPA, Financial Advisor, and Estate Planning Attorney Work as One Team?

Discover how an integrated team of tax, financial, and estate planning professionals can help business owners and families make more coordinated decisions, reduce complexity, and ...

<p>The post What Happens When Your CPA, Financial Advisor, and Estate Planning Attorney Work as One Team? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Why the Best Tax Planning Happens Before December

Tax planning is most effective before year-end. Learn how proactive strategies involving retirement contributions, charitable giving, capital gains, business deductions, and estate planning can help ...

<p>The post Why the Best Tax Planning Happens Before December first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Succession Isn’t Retirement: How Business Owners Can Build a Transition Plan That Protects Their Legacy

A successful business transition doesn’t happen by chance. Learn how succession planning helps business owners protect their legacy, preserve wealth, and prepare the next generation ...

<p>The post Succession Isn’t Retirement: How Business Owners Can Build a Transition Plan That Protects Their Legacy first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>