Handling the estate of a parent who has passed away can be very emotional for children, and this process can be even more emotionally tumultuous if their parent’s estate plan contains unexpected surprises. In cases where assets are not split evenly among children or there is an heir that comes forward that was not known about, children may feel pain or betrayal.
According to a 2022 Ethos survey of 1,000 adults, although 68% of Americans say that discussing end-of-life preparations with loved ones is important, only 47% have done so. 34% of millennials are unsure if their parents even have an estate plan according to a 2024 report from online estate planning service Trust & Will.
Clients choosing to not share information about their estate with their heirs can put estate planners or financial advisors in the challenging position of sharing this information after the client’s death.