Estate Planners May be Surprised by What’s Really in the Estate

When someone dies, heirs and even the deceased’s estate planner are often surprised to learn what’s in the estate. While a good estate plan offers a clear map of what a person owns, there are several reasons why many estate plans aren’t as precise as they should be, including: 

• The client didn’t give the estate planner an accurate balance sheet to start with
• The client either intentionally or unintentionally neglected to tell the estate planner about major life changes
• The estate planner didn’t work well with the deceased’s other advisors
• The client didn’t trust the estate planner or was too embarrassed to discuss money

“When the end finally comes and a person dies, trustees and executors are almost bound to discover something they didn’t know. In the most extreme cases, the surprise is the estate itself, because an executor can be named in a document without knowing in advance.”

Estates May Hold Mysteries, Even for Advisors, Financial Advisor, Oct. 11, 2010.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.