Communication can help avoid common estate planning issues

On Behalf of | Aug 21, 2014 | Estate Planning

Nevada residents who are looking into estate planning may wish to know some of the common issues that come from not discussing it with those who will inherit. Being open about the details of the plan can avoid many issues down the road.

When parents fail to provide enough detail in their estate plan or don’t discuss these plans with their children, infighting can begin when the estate is eventually divided. Statistics show that nearly one-third of parents don’t have these detailed discussions about their inheritance plans with their children, and 10 percent don’t discuss it at all. What this fails to address is the fact that children don’t look at inheritance as money, but rather as a measure of how their parents valued their love. When siblings receive different amounts of inheritance, this can lead to one child resenting another due to them feeling less loved by their deceased parent.

Details and discussions can also help to avoid other inheritance issues. When an estate is left to children without detailing who gets what personal property, siblings often fight over particular items that may hold sentimental value for them. Failure to pay attention to the details could lead to disinheriting children, such as when there is no named beneficiary to a trust. The more attention to detail that is put into the estate planning documents, the less chance there is that families will argue over particulars at a time when they may not be equipped to have those arguments.

An attorney may be helpful in explaining the details of the estate planning process, as well as discussing the plans with the person’s family. The attorney may be able to help with wealth protection and minimizing taxes, as well, through the drafting of a comprehensive estate plan.

Source: Daily Finance, “Avoid These Estate Planning Nightmares”, Michele Lerner, August 20, 2014