According to a 2019 survey by TD Wealth, the three biggest threats to estate planning in 2019 are family conflict, market volatility and tax reform.
Nearly 50% of respondents said family conflict is the #1 threat to estate planning. The survey of estate planners included attorneys, trust officers, accountants, charitable giving professionals, insurance advisors, elder law specialists, wealth management professionals, educators and nonprofit advisors.
The causes of family conflict in estate planning include:
• designation of beneficiaries
• not communicating the plan with family members
• working with blended families
• multiple ex-spouses
• children from prior marriages
• significant age differences between spouses
Attorney Mario Godoy helps clients plan for peace of mind and preserve their legacy:
“Planning for distribution of your assets and providing for the future of your loved ones can be very stressful and strain family ties. As experienced estate planning attorneys, we advise our clients to minimize risk and potential future family conflicts by encouraging our clients to talk to their families and have an open and honest conversation about their plans.”
Any changes to your family situation should trigger a review of your estate plan – such as a birth, death, marriage or divorce. Contact the Estate & Probate Legal Group probate, trust and estates attorneys in Chicago and Lombard, Illinois, at 630.800.0112.