To create the best possible estate plan, it is critical to not only tell your advisor important information about your case. It is also critical to be honest. Failure to honestly disclose information about your financial status can lead to a number of serious complications and can sometimes even require your advisor to perform estate planning all over again. Unfortunately, there are a number of important things that people forget to disclose their estate planning advisor, which is why this article will list some of the important things that you should remember to mention.
# 1 – Family Issues
Many people with challenging family issues can find these matters difficult to discuss even though they have the potential to greatly interfere with a person’s estate plans. Often, an experienced estate planning attorney can help create estate plans that take these issues into considerations. For example, in situations where a person has an adult child with substance abuse, it might be possible to create a trust or other type of estate planning device to pass assets to the child. In deciding whether details should be disclosed to an estate planning lawyer, it is important to inform an estate planning advisor about any former spouses, any child support that you pay, any existing legal agreements in your family, or any relationships that you might have that could lead to financial obligations.