Estate planning can be an emotional time when families come face-to-face with the inevitability of death and the passing of wealth on to another generation. Mediation is a tool that allows all parties to reach agreement in estate planning. A great part of mediation success relies on selecting a knowledgeable, experienced professional mediator. These seasoned estate planning mediators offer observations and strategies that work to make estate planning a smooth and harmonious process.
With few modifications, the estate planning process could be less prone to conflicts and a more rewarding and rich experience for everyone involved. Estate planning is a process by which one generation passes wealth to others, usually their adult children. It has become a highly complex and specialized field in which tax and financial experts fine-tune plans to minimize taxes and maximize economic gain.
During estate planning the essence of what is transpiring within the family, however, often gets lost in the process. That essence is a gift from parents to children, or to their children’s children, to charities, and others. Parents who have worked hard and accumulated some measure of wealth are deciding to make their final gift to their children. Estate planning is often the last note of a family’s life-long song. It should be something to celebrate but rarely is – because the very things that need to be discussed openly, rarely are. Mediation during estate planning can make this process one of joy!
This article covers why the human side of this extremely important family transition has been so muted to the point that open discussion in estate planning is barely audible. This article shows how with some simple changes in the estate planning process family harmony can be restored and strengthened.
