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The consequence of poor estate planning in Pennsylvania

According to UBS Wealth Management Americas, roughly $40 trillion is expected to be transferred to heirs by 2050. However, only have of people surveyed in a recent study say that they have discussed inheritance plans with their children. For the other half who have not yet discussed future plans with their children, there may be multiple reasons for this.

First, it can be tricky to talk about finances with adult children. Some parents don't want their kids to count on an inheritance or feel as if they are entitled to it. In some cases, parents don't believe that it is a pressing issue. Many adult children may avoid starting the conversation because they don't want to come across as greedy. However, research indicates that families may be happier when beneficiaries are included in the inheritance planning process.

Many times, a family fight regarding inheritance comes due to a lack of communication. It isn't uncommon for an heir to feel upset because of a perceived lack of an inheritance. Communicating ahead of time who is getting what and why can stop a fight before it has the chance to start. Communicating with adult children about a possible inheritance may also eliminate stress over how much may be owed in taxes upon the death of a parent.

Good estate planning may reduce the odds of will contests. If a family member believes that he or she did not get enough from a parent, that person could challenge a will in court. An estate planning attorney may be able to create estate planning documents that may reduce the odds of such a challenge. By establishing that a will demonstrates the wishes of an individual, the probate process may finish quickly without much legal wrangling.

Source: NASDAQ.com, "Expensive Consequences of Not Having the Dreaded Inheritance Conversation", August 23, 2014

Source: NASDAQ.com, "Expensive Consequences of Not Having the Dreaded Inheritance Conversation", August 23, 2014

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