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Time To Plan For Estates, Wills, & Trusts

The Pittsburgh Post-Gazetterecently noted that America will experience the largest intergenerational transfer of wealth in history (more than $25 trillion), but only one quarter of baby boomers have discussed legacy and inheritance transfers with their parents. We believe that it is never too early to map out estates, wills and living trusts down to the last detail, including every piece of furniture and jewelry. A will should focus on more than just who should receive the stocks, bonds, and real estate but should also include who will receive the personal property items and family heirlooms. The reality is that many non-financial personal items cause the most family rifts. 

Parents mistakenly underestimate their non-financial legacy and think that their children will be able to easily agree on who gets what personal items. Items including jewelry, artwork, household furniture, and even silverware, among other tangible personal items, can create family feuds primarily because of a personal connection to items that have significant meaning to their lives.

Therefore, while it is true that death and dying are not easy to discuss, lawyers encourage families to start discussing wills as early as possible, perhaps at family gatherings over the next couple months. Those who avoid estate planning now will only make the problem of conflicts between family members’ worse later, which is the last thing families want to deal with during the passing of a loved one. Lawyers advise parents to leave a signed, written list specifying how various personal items will be distributed to leave their legacy behind as peacefully as possible.

For those clients in need of an estate planning attorney’s services, we would be happy to provide you with a few names and their contact information to potentially assist you with your estate planning needs. Over the years, Legend Financial Advisors, Inc.®has built an extensive network of the top estate planning and tax attorneys in the Pittsburgh area to whom we can refer clients. If we can be of service, please contact us.

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