Investment News Posts Sedoric Article - "Yours, Mine and Ours: An estate planner's nightmare"
Blended families — a growing demographic — are often overlooked by advisers when discussing money and the distribution of personal property after the death of a stepparent
Barbara Bates Sedoric, President of LastingMatters wrote an article for Investment News about the many challenges of an aging population, hard-to-discuss end-of-life planning issues, and helping advisers mitigate problems with estate planning for blended families, as well as any type of family.
Sedoric writes: "All advisers recognize the importance of having a sound financial plan and deep relationship to meet the needs of both parents. Financial planning software, available at most financial service firms, combined with the clients' other advisers (e.g., attorneys and accountants) can handle the family's financial assets. However, as we have seen recently with the heirs to celebrities such as Robin Williams and Audrey Hepburn, it's the “things” or “stuff” issues that unravel even the most well-thought-out estate plan and force the families into court. Attorneys do documents, but who does the “wishes”? "
LastingMatters is a resource that can help advisers and their multigenerational clients pull information together, have it in writing, and allow for updates. Helping blended or even traditional families address these sensitivities before they become landmines can be a great relationship-strengthening opportunity for the family and the adviser.