Whether you’re updating your will, or just starting to consider how you’re going to manage the disposition of your assets, it’s worth lending an ear to the ongoing debate surrounding ‘estrangement’ clauses in estate documents. In this scenario, we’re speaking about the inclusion of provisions specifically addressing the circumstances under which an estranged family member may or may not inherit.
The conversation around this topic has recently been reignited, following the launch a family reconciliation project by Cornell University in 2020. Data published by the University in 2021 indicated that in approximately 25% of American families, there is estrangement. The unavoidable question then is – should estate documents be ‘saying more’?
Estrangement can put a spanner into the conventional roadmap of inheritance. On the one hand, the traditional sentiment holds that family disputes should not muddy the waters of lawful inheritance. However, with the revelation of such a high estrangement rate in American families, it’s become clear that more discussion needs to happen around estate planning in such circumstances.
Estate planning professionals now face a new consideration: How do we help clients construct their estate plans to not only protect their assets, but to also mitigate potential discord that could arise as a result of unaddressed family estrangements?
This question, along with many related considerations, is likely to multiply in relevance in the coming years, as demographic and social trends come further into the light. As the estate planning industry continues to grapple with this evolving landscape, legal professionals may need to train a sharper focus on the diverse family dynamics of their clients, and ensure that their estate documents truly speak to those realities.
For further insights, you may wish to take a look at the original article from which these thoughts have been drawn. The findings of the Cornell University study also offer an in-depth look into the family estrangement trend which is having significant repercussions on estate planning procedures.