A new study conducted by Ameriprise determined that financial discussions within families generally go more smoothly than anticipated, however, there are unclear inheritance expectations that ultimately cause tension or even family drama. Up to 19% of American adults across the United States feel that it is uncomfortable or inappropriate to discuss estate planning with their adult children. Many of them do not want their children thinking about their death and this is one of the primary reasons why people avoid including inheritance and estate planning issues in their financial discussions. Make sure everyone is on the same page when it comes to future financial plans.
There are three primary issues that can cause tension between families as it relates to inheritance. These are lack of communication, family drama and unrealistic expectations. Consider that many individuals expect to receive more than $100,000 as an inheritance from their parents, but the vast majority of people actually getting an inheritance are getting less than a $100,000. Up to 70% of individuals have not been given any clue at all about the money they can expect when a loved one passes on, generating further confusion and frustration that is unnecessary.
The talk may be challenging to start, but consulting with an experienced estate planning attorney can give a better scope for what to expect and give you some guidelines for approaching this difficult situation with your loved ones. Talking about finances as well as estate planning and inheritance issues is important. When something happens to you, you do not want your loved ones to have the added frustration of trying to figure out your intentions or being confused about the goals of your estate planning. Consulting with a knowledgeable estate planning lawyer now can help you avoid family drama and carry out your wishes.