Estate Planning Disconnects and What to Do About It

By: Hammond Iles on December 19th, 2016

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Estate Planning Disconnects and What to Do About It

legacy planning  |  Retirement Planning  |  Estate Planning  |  estate planning  |  Wealth Management

What happens when couples who are working to build their legacy aren’t on the same page about what’s best for their family? How do you bring two different perspectives together? In our practice, we see many kinds of estate planning disconnects. It happens to couples who are happy in their marriage and lifestyle as well as to those who aren’t. So, why the lack of alignment?

You See Life Related to Your Early Experiences

Your family upbringing influences the way you see life. If you grew up in an affluent family, you may spend money more liberally than someone from a poorer family. Without thinking about it, you might expect the same privilege for your children. It can distress your partner to see money spent in a way that they see as excessive.

Many parents don’t reflect on how hard times helped them become stronger. They want to protect their children from it. Without a conversation on upbringing I find that people often aren’t aware of the deep feelings they have – and even less aware of their partner’s.

Your Values Aren’t the Same

Whether you realize it or not, your values silently play an important role in the way you view life and commonly shape your priorities. Many couples find it challenging to talk about their values and make decisions that honor them. Understanding each other’s values helps you see the current situation more clearly. When it comes to family, only one person’s perspective is incomplete and doesn’t reflect  the whole picture.

Get your family legacy conversation starters here.

Sometimes We Don’t Understand, So We Stop Communicating

Most people hate conflict and would rather suffer the pain of silent disagreement. They think they’ll keep peace in the family by avoiding this discussion. But this can lead to destructive future consequences.

Proud or Humble?

It’s human nature to want our own way. Sometimes we become defensive if challenged and close our mind to possibilities. As we meet with estate planning families, we find that many conflicts can be resolved with a listening ear and a more humble attitude. As impartial advocates we ease worries and spark conversations that help couples prioritize their intentions and evaluate their options so they can make a decision.

Since 1984, individuals and families have trusted Hammond Iles Wealth Advisors to provide objective, personalized investment management, financial planning, and wealth management. Greg Hammond, CFP®, CPA helps families LIVE MORE, GIVE MORE® and build a living legacy. Begin the conversation today. Get your family legacy conversation starters here.