Baby Boomers who have wealth, hope it will go to their children and grandchildren. However, it appears that not enough of the generation have taken the steps necessary to ensure that their wealth passes on as desired, according to the Wills, Trusts & Estates Prof Blog in "When Wills Become Won'ts."
The source of the problem is that a significant number of heirs and beneficiaries think the distribution of estates is unfair. That can be bad for an estate by itself, but it is made even worse by the fact that a significant number of parents have not discussed their estate plans with their children.
When a person first hears about an estate distribution after a family member passes away and believes that distribution to be unfair, then the main ingredients are present for a battle over the estate in court.
Estate litigation is very costly and can bleed an estate of much of its assets.
Much of the Baby Boomers’ wealth could end up going toward litigation.
An estate planning attorney can guide you in creating an estate plan that fits your unique circumstances and communicating it appropriately. Contact us today if you want to make sure your plans are as secure as they can be.
Reference: Wills, Trusts & Estates Prof Blog (May 28, 2017) "When Wills Become Won'ts."