Estate planning isn’t always easy. From a legal and financial perspective, it can sometimes be fairly complicated. And, because it involves serious considerations of legacy and mortality, it can also be highly emotional. But of all the challenges that can hinder proper estate planning, which is the most significant?
The answer might surprise you. According to a number of estate planning professionals, the thing that’s keeping them up at night isn’t tax reform or any other technical consideration. Rather, it’s something far more human and familiar: family conflict.
According to a recent article from Wealth Management, 44 percent of estate planning professionals identify family conflict as the biggest problem they foresee in the coming year. This concern is followed by tax reform (25 percent) and market volatility (12 percent).
It’s not hard to understand why family disagreements might be so daunting. Losing a loved one is always challenging—and, faced with the emotional strain of grieving, family members are often called upon to sort out their loved one’s estate plan, coming to terms with a financial legacy that may not be what they expected it to be. The general lack of communication about estate planning only compounds this issue.
Of course, it’s impossible to totally prevent family conflict—but there are a couple of steps that can reduce this risk. The first is simply to communicate. Speak with your family members about the estate planning steps you’ve taken. Remove any doubts or uncertainties.
The second step is to work with an estate planning professional to make sure your affairs are in order, and that settling your estate is a smooth and seamless process. Our lawyers are ready to talk with you about seamless, uncomplicated estate planning today. Reach out to Singh Law Firm to start a conversation!
Schedule an estate planning consultation with Singh Law Firm today.