Ivan Hernandez Discusses Ways to Simplify Estate Planning with The New York Times
When it comes to estate plans, many older adults find themselves struggling through mundane and complicated stacks of legal documents. And now, with the COVID-19 pandemic placing mortality front and center, the need to get these daunting documents in order is magnified. As a result, there is now a heightened need for wealth advisors and lawyers to help clients understand the what, when and why of their estate plans.
The New York Times recently spoke with Omnia Family Wealth Co-Founder and Managing Director Ivan Hernandez for insight on how he helps make these documents less mundane for their affluent clients.
One part of estate planning documents that can be especially complicated are the “if/then” clauses, which are meant to trigger an action if a set of criteria is met. An example of this is someone receiving more money if a specific asset rises. According to Hernandez, it is important to pay attention to these types of clauses to ensure that they are easy for clients to understand.
“The dream is to have everything on one page,” he explains.