What are some commonly overlooked risk factors in estate planning for wealthy individuals?

Commonly overlooked risk factors include inadequate planning for digital assets, failure to update estate plans after significant life events, insufficient liquidity to pay estate taxes, and neglecting to address potential family conflicts. Digital assets, such as cryptocurrency, social media accounts, and online businesses, require specific instructions for access and management after death. Significant life events like marriage, divorce, or the birth of children necessitate a review and update of estate plans to ensure they reflect current wishes and circumstances. Estate taxes can be substantial, and failing to plan for liquidity to pay these taxes can force the sale of valuable assets at unfavorable prices. Family conflicts over inheritance or control of assets can lead to costly and time-consuming legal battles. Addressing these potential conflicts proactively through clear communication and careful planning is crucial for preserving family harmony and wealth.