“When no formal documents exist, state law typically grants decision-making authority to a parent, sibling, or more distant relative, regardless of whether that person is the most appropriate representative for the client's wishes. ‘Nonparents may be uniquely vulnerable to the impacts of our default laws if they fail to put an estate plan in place,’ [Jennifer Goode, Senior National Director of the Wealth Strategies Group at Bernstein Private Wealth Management] said. ‘How often might a close friend or advisor be a better fit for a nonparent? Dolly [Parton]'s estate is a great example of a situation in which a non-family member was the preferred representative.’ “
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● “The childless client blind spot that’s leaving serious money on the table,” InvestmentNews, 10/19/26:
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