Bottom line, very few people wish to cut their spouse out of a portion
of their inheritance even if the money is being shared with their children.
Often times with young families there are long-term debts that will need
to be paid. If there are children from a prior relationship this problem
can be compounded. If there are no children yet, but the parents are living,
it is highly doubtful that an adult or their spouse is comfortable with
leaving a portion of their inheritance to their parents…no matter
how good the relationship is between the parents and the surviving spouse.
Additionally, if your children don’t have an estate plan and they
have minor children, there is an even bigger problem. If something happens
to the both of them, the kids will not automatically go to either the
godparents or grandparents. It is ultimately going to be up to the court
to make the decision at that point in time. I don’t know many people
who would be okay with a complete stranger making this decision on their
behalf. Simple planning can avoid this kind of problem.
The biggest reason why estate plans don’t get done besides lack of
knowledge is procrastination. Hopefully, you will be able to use some
of this information to motivate your children or other loved ones to get
started with their planning.
Do you, or someone you love, need to get an Estate Plan started? Reach
out to us for help at (203) 651-5521 or use our online contact form