From Disinheritance to Dysfunction

Attorneys draft estate plans, but it’s the skilled Wealth Advisor that brings the estate plan to life by thoughtfully navigating oftentimes complex family dynamics. Family relationships can complicate even the simplest estate plan, whether it’s a parent enabling a financially irresponsible child, or a child trying to influence their mother’s final wishes. These dynamics may be so ingrained that the family may not even recognize they exist. An experienced Wealth Advisor, however, will provide clarity, balance, and sensitivity to ensure your legacy is protected and your intentions honored.

Family issues can take many forms. Here are some of the most common challenges a skilled Wealth Advisor can help you navigate.

• Undue Influence and Competency. Wealth Advisors are often among the first to notice red flags, such as a caregiver or adult child advocating for changes to an estate plan. While legal validation is ultimately handled by the courts, advisors play a crucial role in recognizing out-of-character behavior that may signal undue influence, pressure or manipulation.
• Disinherited children. Disinheriting a child can lead to emotional turmoil and legal disputes. Advisors can help you weigh the emotional and financial consequences of such decisions.
• Making realistic plans. In an effort to divide assets equally among their children, some families create plans that are impractical. For example, a couple may decide to leave the family vacation home to all five children, without considering whether each child wants the property or can share in its use and upkeep. Wealth Advisors can help you identify more flexible and workable solution.
• Encourage discussions. While discussing the family estate plan may be uncomfortable for some, and plans are subject to change, open family conversations can promote transparency, reduce future conflicts, and ensure that everyone understands the intentions behind key decisions.
• Choosing your Estate Planning Team. Assembling the right team for your estate planning needs is essential to ensure your assets are managed and distributed according to your wishes.

Your Wealth Advisor can connect you with qualified professionals who will create a comprehensive plan that is aligned with your goals and adaptable as your circumstances evolve.

Wealth Advisors are uniquely positioned to serve as a trusted partner to both families and professionals, helping to navigate the estate planning process with a balanced perspective, strategic guidance, and long-term continuity.