Next in Line is a weekly newsletter for advisors, brought to you by Herbie, covering the practical yet consequential interaction between estate planning and family dynamics.
Once a month, we sub out family dynamics and sub in our estate planning field report. As we spend more and more time with advisors and their clients, certain patterns emerge. This post highlights what we continue to see lacking.
When we look at clients who have no plan—or plans that no longer reflect reality—certain issues appear again and again. Three groups of people stand out in particular:
Young parents not understanding the need for a plan,
Successful adults who never quite get around to making a plan, and
Clients who misunderstand the role that a Will plays.