Generally speaking, throughout their lives, the Baby Boomer generation has amassed more wealth than any previous generation. Since they cannot live forever or possibly spend everything they have, much of that wealth will be inherited by their children and grandchildren.
At least, that is where most Baby Boomers who have wealth hope it will go.
The problem is that not enough people, in Cincinnati or elsewhere, have taken the steps necessary to ensure that their wealth does pass as desired.
The Wills, Trusts & Estates Prof Blog recently discussed this subject in "When Wills Become Won'ts."
The source of the problem is that a significant number of heirs and beneficiaries think the distribution of estates is unfair. That can be bad for an estate by itself, but it is made even worse by the fact that a significant number of parents have not discussed their estate plans with their children.
When a person first hears about an estate distribution after a family member passes away and believes that distribution to be unfair, then the main ingredients are present for a battle over the estate in court.
Estate litigation is very costly and can bleed an estate of much of its assets.
What that means is this: if Baby Boomers are not careful, then much of their great generational wealth will go to lawyers instead of their children.
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).
Reference: Wills, Trusts & Estates Prof Blog (May 28, 2017) "When Wills Become Won'ts."