Though most people here in Florida prefer not to consider what the end of their lives might look like, it is an important conversation to have. That doesn’t mean that it is a comfortable situation to navigate, particularly when one has to explain final wishes to family members who may not approve of one’s choices. These potentially-volatile family relationships can be a serious obstacle to proper estate planning, as recent research indicates.
One financial services company conducted a survey of its financial advisors. The results found that an overwhelming majority, 73 percent, of financial advisors said that dealing with the sometimes-difficult dynamics of a family can be the most difficult part of estate planning. Some of them speculate that their clients may have trouble discussing the subject with their families because they are worried of potential arguments that may arise.
According to a number of advisors, many clients do not even begin to create an estate plan until a major life event occurs. Around two-thirds of the time, the advisors are the first ones to broach the subject. Over 40 percent of the advisors surveyed said that not having any estate plan is the biggest mistake a family can make.
No matter the circumstance, putting off a discussion regarding estate planning is not helpful. Families here in Florida who are unsure of how to proceed can seek the guidance of an experienced estate planning attorney. An attorney can serve as an important team member in ensuring that one’s last wishes are honored.