5 Ways a Financial Adviser Can Help Prevent Estate-Planning Family Feuds

When it comes to estate planning, family disputes can often arise, leading to emotional stress and fractured relationships.

According to a study by LegalShield, 90% of Americans say having a will is important, yet less than half actually possess one. The survey goes on to reveal that without proper estate planning, 58% of respondents have experienced family disputes and had assets fall under court control.

At Advance Capital Management, we know how difficult it can be to talk about death. But we’ve seen firsthand how a well-thought-out estate plan can preserve family harmony and ensure that your wishes are respected.

Here are five ways a financial adviser can help keep estate-planning fights from splitting your family.

1. Facilitating Open Communication

One of the main reasons estate plans lead to family disputes is a lack of communication. A financial adviser can help facilitate open and honest discussions about your estate plan with your family.

This can help everyone better understand your intentions and reduce the likelihood of misunderstandings and conflicts after you’re gone.

2. Coordinating with Your Estate Attorney

A financial adviser can work closely with your estate attorney to ensure that your financial legacy is properly addressed in your estate plan.

While your attorney prepares legal documents such as wills, trusts, power of attorney and healthcare directives, a financial adviser can help coordinate these with your overall financial strategy. This teamwork can help keep your financial and legal plans aligned.

3. Choosing the Right Executor

Selecting an impartial and competent executor is crucial in avoiding family conflicts. A financial adviser can provide guidance on choosing the right person for this role, ensuring that they can handle the responsibilities and complexities involved in executing your estate plan without favoritism or bias.

4. Reminding You to Update Estate Documents and Beneficiaries

Life changes such as marriages, divorces, births and deaths can significantly impact your financial and estate plans. A financial adviser can remind you to update your estate documents to reflect these changes. Additionally, they can assist in updating beneficiaries on your financial assets so that they reflect your current wishes and reduce potential conflicts among beneficiaries. Learn more about the importance of naming beneficiaries here.

5. Providing Professional Mediation

In cases where disputes seem inevitable, a financial adviser can act as a neutral mediator. They can help resolve disagreements by providing professional advice and helping all parties understand the financial implications of their actions, including options for handling an inheritance.

Bottom line

Estate planning doesn’t have to be a source of conflict within your family. By working with a financial adviser, you can take steps that help preserve your financial legacy and preserve familial harmony.

At Advance Capital Management, we are dedicated to helping you navigate the complexities of all things financial throughout your lifetime and even beyond.

For more information on how we can assist with your financial, retirement, investing and estate planning needs, schedule a free consultation with a financial adviser today.

Disclosure: The estate planning information offered by the adviser is general in nature. It is provided for informational purposes only and should not be construed as legal advice. Always consult an attorney regarding your specific legal or tax situation.