When asking clients if they have had an estate planning conversation with their immediate family or heirs. Most clients usually say they have not done so.  For those that have had the conversation. Its interesting for us to know how it went, who was involved and what topics were discussed.  Rest assured, almost always, the Inheritance issues have been discussed, but any Incapacity issues are usually not addressed.  These are the two big “I’s” of estate planning: Inheritance and Incapacity.

The inheritance issues are important.  Who is going to inherit what, how they will inherit it. And who will be in charge of administering the inheritance are key issues that need to be planned for.  Most of the time, these issues are easily resolved within a will or a trust.  Most clients know what they want for their inheritance planning.

The point is these are important issues because they should not be overlooked. But often are because they are not associated with estate planning, but a good estate plan will address both Inheritance and Incapacity issues.