Once a trusts and estates attorney has designed and discussed a client's estate plan, the next step is to implement it. Drafting the documents, creating trusts and other supporting planning documents follows. However, a recent survey of more than 250 wealthy families (defined as those with a net worth of U.S. $10 million or more) found that some wealthy clients put the brakes on the process before implementation. Ask yourself, are they really so different from you? Has your estate planning attorney truly addressed your goals, desires and objectives?
About half of those who responded to the survey felt that their failure to move ahead with planning was because their estate plan was too complicated. While it is true that wealthier clients' plan tend to encorporate more complex strategies to achieve their goals, an experienced trusts and estates lawyer will do more for their clients than simply create an estate plan. They needed a professional who is equally skilled at gauging the clients' ability to cope with the complexity of the planning and to be comfortable with the plan.
Half of the clients say they didn't implement their plans because they were nervous and they didn't feel in control. Fortunately, I have specifically designed my estate planning practice with this in mind. My meetings with my estate planning clients are always complimentary and that invitation extends to their families as well. No plan, no matter how brilliantly designed is going to work if the people that need to implement it either don't understand it or worse, don't believe in the plan's objectives. Based on this study, clients and their attorneys should treat communication and client education as an important part of estate planning process. We can help you with that, call us today to schedule your consultation with the confidence that your plan will work for you and your loved ones.
Reference: Forbes (March 22, 2016) "Why the Wealthy Do Not Implement Their Estate Plans"