Prickly family dynamics are getting in the way of your inheritance. Close to 80 percent of financial advisors polled by Key Private Bank said the biggest estate planning challenge is navigating your relationships with your relatives.
div > div.group > p:first-child"> Indeed, nearly 8 out of 10 financial advisors polled by Key Private Bank said that navigating tricky familial relationships is the most difficult part of estate planning."The sensitivities of talking about estate planning often present emotional hurdles to putting a plan in place — especially when multiple marriages and blended families are involved," said Karen Arth, head of trust with Key Private Bank, in a statement.
This is especially the case when a plan is put into action after a parent or step-parent's death or disability.More than 80 percent of the advisors polled said that few of their clients are"having open conversations about estate plans and wishes with their families." Avoiding probate: Probate is the process that states use to settle the estate of a deceased person. Probate proceedings are made a matter of public record, so there is no family privacy."It might also be costly and time-consuming, resulting in a delay to beneficiaries in receiving their shares," said Arth.
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