For many New York adults, the hardest part of putting an estate plan together is navigating through the family dynamics. This should come as no surprise considering that estate planning often involves having difficult conversations with loved ones. After all, family members won’t always agree on what’s fair, and sometimes fair and equal aren’t the same thing.
By neglecting difficult conversations, estate owners might end up making several mistakes that could spell more trouble down the road. For starters, some adults may not have a plan at all, or they might think they are too young to worry about wills and trusts. Alternatively, estate owners who do have a plan could be hesitant to update it following major life events. Some individuals may also assume that a will covers the distribution of all assets, yet this is not always the case.
Due to this tendency to avoid difficult conversations, financial advisers often find themselves in tough spots. According to one poll, around 66 percent of them start by initiating the estate planning conversation between clients and their loved ones. Another 34 percent of financial advisers reported that it wasn’t easy convincing clients to create an estate plan. Consequently, around 40 percent of advisors have expressed that less than half of the estate plans that are in place truly reflect the owner’s wishes with regard to how their wealth should be transferred.
Estate owners should be proactive and make sure that they have a thorough plan in place. Hence, they might find it beneficial to reach out to an experienced estate planning attorney who may be able to aid them in expressing their wishes.