Thirty-four percent of the advisors said that persuading clients to put an estate plan in place is challenging because it’s difficult for them to communicate their wishes openly and honestly with family members.
Eight in 10 advisors said only “some” or “hardly any” clients are having open conversations about estate plans and wishes with their families. “As a result, four in 10 advisors said half or fewer than half of estate plans holistically capture their clients’ values in the transference of wealth to the next generation,” the survey said.
“The sensitivities of talking about estate planning often [present] emotional hurdles to putting a plan in place, especially when multiple marriages and blended families are involved,” said Karen Arth, head of trust with Key Private Bank.