Trust and Estate Litigation: What’s Almost as Certain as Death? Not Talking About Your Children’s Inheritance
The New York Times cover story in the business section last weekend discussed the importance of discussing your children’s inheritance with your children and the potential of trust and estate litigation.
It read: What’s Almost as Certain as Death? Not Talking About the Inheritance
The article states that while 84% of people surveyed had a will or trust, only 34% those people discussed their estate plan with their children.
4 Reasons Parents Don’t Discuss Their Estate Plan With Their Children
1) They don’t want to confront dying.
2) They are uncomfortable disclosing financial matters to their children.
3) They don’t want their children to know how much they’re going to receive, lest it curb their motivation; and
4) They are concerned about their heirs’ financial acumen.
Failing to Discuss Your Estate Plan May Lead to Trust and Estate Litigation
Not surprisingly, the survey found that a majority of the people did not want their estate plan to cause any bad feelings among their children. A large part of our practice focuses on trust and estate litigation. A common theme of children who end up in trust and estate litigation is that the parents did not discuss their estate plan with the children prior to death. While the 4 reasons listed above are important, they must be balanced with the likelihood of potential issues when you don’t discuss your estate plan with your children.
To read the full NY Times article, visit: What’s Almost as Certain as Death? Not Talking About the Inheritance
John Wong advises on all aspects of estate planning, probate, asset protection and trust administration. He believes that estate planning is about planning for life; while having protections in place should the unexpected occur.
