For the second consecutive year, family conflict was named as the biggest threat to estate planning by estate planning and elder law attorneys and other professionals attending this year’s annual Heckerling Institute on Estate Planning.
The survey, conducted by TD Wealth, found that nearly half (46%) of respondents said that family conflict was the biggest threat to estate planning in 2019, followed by market volatility (24%) and tax reform (14%).
Insurance News Net’s recent article, “Family Conflict Reigns as Greatest Threat to Estate Planning, Survey Finds,” reported that the survey also looked at the various causes of family conflict, when engaging in estate planning. They said that the designation of beneficiaries (30%) was the most common cause of conflict. Other leading factors included not communicating the plan with family members (25%) and working with blended families (21%).
Family dynamics have always played a crucial part in estate planning. With an increase in blended families, many experts think that these conversations will become even more frequent and challenging. Estate planning comes with the responsibility of motivating families to communicate through difficult times. This requires regular conversations and total transparency. To minimize risk, families should include everyone at the table to participate in an open and honest conversation about their shared goals and objectives.
At Family Estate Planning Law Group, family communication is extremely important to us. We want to make sure everyone is on the same page about your wishes before you die or become incapacitated. As part of our ongoing client care program, we hold a Family Care MeetingTM for each client and their family and trusted advisors. This puts everyone in the same room to get on the same page, have questions answered, and helps everyone to see they are on the same team.
By addressing potential issues and conflicts and providing solutions during life will only make it that much easier for your loved ones when you pass.
To learn more about the Family Care MeetingTM and other benefits of our ongoing client care program, schedule your free consultation today and learn how you can protect your family and ensure a smooth transition after your passing!
Reference: Insurance News Net (March 13, 2019) “Family Conflict Reigns As Greatest Threat To Estate Planning, Survey Finds”