Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Sunday, May 28, 2017

When Wills Become Won'ts

Family_fight-700x430The transfer of wealth from the baby boomer generation, while a boon to their children, may be of even greater benefit to lawyers. A recent report from BMO Wealth Management indicates that a failure to prepare family and beneficiaries for a parent’s demise may lead to discord and possibly litigation. This situation can be exacerbated by non-traditional family arrangements or divorce; arrangements that are becoming much more prevalent in the US. Among the report’s findings, 40% of beneficiaries thought the estate distribution was unfair, 40% of parents surveyed had not discussed their estate disposition with their children, and a quarter of married adults said only their spouse knew the location of their will. While estate distribution schemes may be potentially upsetting, it is generally better to engage in open communication with possible heirs in order to avoid family discord at death.  

See When Wills Become Won'ts, Financial Advisor, May 1, 2017.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

http://lawprofessors.typepad.com/trusts_estates_prof/2017/05/when-wills-become-wonts.html

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