Estate planning and procrastination go hand-in-hand in legions of instances spanning Arkansas and the rest of the country. As we note on our website at the Little Rock law firm of Robertson, Oswalt, Nony & Associates, “Discussing an estate plan is something that too many families put off until it is too late.”
That view – which we present based on our firm’s professional experience as proven counselors in that legal area – is routinely seconded by varied sources across the United States. A study from Ameriprise Financial notes, for example, that fully 90% of all adult children don’t even get around to having a serious conversation with their aging parents about administration matters until “a life-altering incident” occurs.
Sadly, of course, that can be too late. It can engender confusion regarding important matters like end-of-life health care, designated persons entrusted to make key money decisions, will bequests, legacy outcomes and many other concerns. Important documents might never be found. Sibling acrimony might ensue. Parents’ long-cherished goals and dreams concerning the passage of wealth might be compromised or never realized at all.
As a recent article on adult kids having candid and timely estate administration-linked communications with their parents stresses, it doesn’t have to be that way. Indeed, there are multiple strategies that can be sensibly employed to facilitate having the so-called “Talk” about estate planning that is commonly avoided in legions of families until it becomes a dire and rushed necessity.
A number of good-sense ideas are presented via the above link. And, of course, knowledgeable and empathetic estate planning attorneys can provide candid counsel and help family members implement ideas that can help them forge common ground and achieve valued family goals.