A new survey reveals that over a third of people with wills have surprises for their beneficiaries. Estate planning attorneys emphasize the importance of open communication about estate plans within families to avoid potential pain and betrayal.
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.
Feelings of pain and betrayal can be avoided by having discussions about your estate plan with your family before death; however, estate planning attorneys say these conversations are rare.found that 34% of millennials are unsure if their parents even have an estate plan. The site polled 1,000 adults.Middle-class Americans want to know how the wealthy make money
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.
Estate Planning Wills Inheritance Family Communication Unexpected Heirs
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