While this article was intended for the financial advisor audience, it contains some interesting data I found interesting. I hope you agree. Authored by Ken Cella, he writes “For financial advisors, this holiday season should mean more than time spent with family, when everyone gathers around the table for great food and warm company. It should represent a particularly valuable opportunity to talk to clients about the legacy they hope to leave.”
He continues “A recent study from Edward Jones, in partnership with Age Wave and The Harris Poll, found that for many Americans, the Covid-19 pandemic has already triggered conversations among close family members about their end-of-life plans and preferences.
In fact, the survey found that a third of U.S. adults have had such conversations since the start of the pandemic—and for 44.5 million Americans, it was the first time they had talked to family members about topics like finances, health, and legal plans. What’s more, two-thirds of Americans said the pandemic has caused them to think more about the kind of legacy they want to leave to their families.
At the same time, there’s still a gap between Americans’ intentions and actions on the subject. For example, more than 70% of Americans age 50 and over believe a will is the most important document to have in place before someone dies, but only 49% of this group actually have one. And only 19% have completed all three essential end-of-life documents: a will, health care directive or living will, and durable power of attorney.
Despite a new willingness to confront end-of-life issues, initiating discussions around legacy planning is still difficult for many. Our research found that three in five U.S. adults have barriers to overcome when they attempt to talk to family on such topics. The most common are wanting to avoid family conflicts (22%), burdening family members with their finances (20%), and being too uncomfortable to discuss these topics (18%).
Legacy planning may not be the ideal topic of conversation at the holiday dinner table—we recommend waiting until after dessert. But with the topic top of mind for many, and considering that many families celebrated the holidays virtually last year due to Covid-19, this holiday season offers a rare opportunity for productive discussions. With that in mind, financial advisors should proactively check in with their clients and learn which of them may be looking for help with these talks in the weeks ahead. It’s best to approach such advisor-client conversations in a sincere and level-headed manner. Suggest to the client that a good starting point may be reflecting on lessons learned from the pandemic and how it led them to make practical plans for the years ahead. They can then emphasize why this is an important conversation to have and the benefits of aligning around shared family values.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate, or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate, or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526). David H. Lefton is an Estate Planning and Probate Attorney. He is a partner in the law firm of Barron, Peck, Bennie & Schlemmer.
From Barrons; 11/26/21 written by Ken Cella, Edward Jones