Wealth Management & Financial Planning

Wealth Management & Financial Planning

Navigating Tough Estate Decisions

Getting understanding and clarification from the deceased is somewhat tricky. For more than 25 years, I have been involved in many estate planning situations with varying outcomes. Inevitably, “peaceful and easy” situations shared two common denominators: communication and preparation. In contrast, strife-filled and unnecessarily expensive situations were often the result of confusion and frustration about the deceased’s desires.

Many families have been torn apart after a parent or grandparent passes, and some readers will assume that because their estate isn’t of a specific “size,” this article is not for them. Please read on, as money is rarely the root of division in a family estate. While money and assets are at the center of the discussion, a lack of clear communication regarding the deceased’s wishes more often ignites emotions.

My grandparents had six children but little in the way of financial assets. I can write this now because most of the players involved have passed. My grandfather instructed that an auction be held after his passing, in which everything would be sold, including the house and contents. All proceeds were to be divided equally among the children. These instructions seemed like a reasonable plan, and my grandparents’ simple last will and testament sufficed the legalities.

My grandfather had a shotgun he carried on hunting outings during my uncle’s childhood. The gun wasn’t worth much to anyone except my uncle and grandfather. I doubt Grandpa would have excluded the firearm from the “sell everything” clause if he had considered the financial issue. A different uncle had more financial resources, meant no harm, and bought the gun at the auction. This small purchase – probably less than $100 – created enormous family tension.

This situation and many like it I’ve witnessed over the years inspired me to set some ground rules for estate planning.

The most important rules:

  • Be explicitly clear about what you want to happen.
  • Make sure your spouse and children know where you want to be buried or cremated.
  • Be clear about the funeral home you would like your family to use and tell them as much about the type of service you prefer as you can articulate. If a personal conversation is too difficult, you can express your desires via a video or letter, but do your family a favor and spell out your wishes.

When people pass away, emotion and grief arrive simultaneously, and many decisions must be made. Your letter or video can add peace and clarity to a difficult situation.

Having updated legal documents that actually do what you want them to do is also helpful! Many people have last wills and testaments that they believe will cover all their assets and divide everything appropriately. Remember, an asset with a beneficiary designation never gets to the will. You could unintentionally leave out children, charities, or even spouses. Be clear and write out your thoughts and desires. If you would like us to help ensure your estate documents are up to date, give us a call for a complimentary Next Steps meeting at 800-928-4001.


Financial Enhancement Group is an SEC Registered Investment Advisor. Securities offered through World Equity Group, Inc. Member FINRA/SIPC. Advisory services can be provided by Financial Enhancement Group (FEG) or World Equity Group. FEG and World Equity Group are separately owned and operated.

Want to sign up to receive the Market Carver?

Schedule a "Next Steps" Meeting

If you request a “Next Steps” meeting, we will discuss with you things you should do today, things to consider tomorrow, and if we choose to partner together… a written plan on what Financial Enhancement Group can do to help meet your goals.

Receive Our Free weekly Market Update Video

The FEG team regularly shares pertinent financial information to help educate our friends and families on what’s happening in the market, as well as information on financial planning. Fill out the form below to be added to our list for distribution.

Access all of our checklists!