Handling a deceased parent’s estate can be complicated if there are surprises such as an uneven split of assets among children or a previously unknown…
Handling the estate of a deceased parent can be emotionally complicated if the estate plan doesn't unfold as expected — say, if there is an uneven split of assets among children or a previously unknown heir who comes forward to claim a share of the estate.
If a client refuses to disclose information about their estate to their heirs, it can put an estate planner or financial advisor in the difficult position of doing so after that client's death.Rich Paul once worked in a convenience store—now he's an NBA super agent who represents LeBron James It's unclear how common unexpected heirs are, but estate planning bombshells aren't unusual. More than a third, 36%, of people with a willIn the case of a previously unknown heir coming forward, experts say the first consideration is the will.
Shenkman said attorneys should have open and honest discussions with clients and ask questions about motivations during the will-writing process.Shenkman also encourages clients to have discussions with their children that are age appropriate, even if they don't disclose dollar amounts. This can help explain the decision-making behind how an inheritance is split up and avoid any feelings of betrayal after a parent's passing, he said.
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