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 and probate attorney can guide you in creating an estate plan that fits your unique circumstances.
The attorneys and team at Nickerson Law Group help families with estate planning, probate, guardianship, and special needs trust planning in Austin, Cedar Park, Round Rock, Georgetown, Lakeway, Bee Cave, Dripping Springs and the central Texas area. For more information and to learn about our firm, visit Nickerson Law Group’s website. www.estateplanningaustintexas.com
Reference: Wills, Trusts & Estates Prof Blog (May 28, 2017) "When Wills Become Won'ts."