Estate planners already know and share often that many plans don’t produce the results the owner expected. The skills necessary to inherit the wealth may not have been passed down from one generation to another, meaning problems when assets are transferred between generations. Furthermore, heirs are not often prepared emotionally for the transition of their loved one passing and receiving a generous inheritance. Many of the failures associated with typical estate planning are not linked to the language in the will or tax strategies.
Instead these failures are most often accumulated with the non-technical aspects of the plan, such as the human side. In fact, approximately 70% of estates incur losses or a reduction in family harmony.
According to research, there are two primary reasons for estate planning failures, and these have to do with the heirs not being prepared for the financial transition or not being familiar with the estate details. Setting aside time well in advance to sit down with an experienced estate planning attorney is the best way to review your concerns and needs.
When you have a lawyer from the outset of your decision to plan your estate, you’re in good hands with an experienced attorney.