An estate plan can sometimes seem simple, but one of the most important parts of an estate plan is what a successful wealth transfer plan should look like, which Forbes recent discussed in “The Difference Between Having An Estate Plan And A Wealth Transfer Plan.”
The highlights include:
- A good plan facilitates passing on not only wealth but also your goals and sound financial management strategies.
- Encouraging your heirs to invest wisely and not waste newfound wealth.
- Do not necessarily just give assets to heirs, but do so with the best legal instrument to preserve that wealth.
- Let your family know what advisors you trust so that they know who to turn to for advice.
An estate planning attorney can guide you in planning your estate for the transfer of wealth to the next generation. If you have any questions about your estate plan and what is needed, please contact us for an initial consultation.
Reference: Forbes (July 18, 2016) “The Difference Between Having An Estate Plan And A Wealth Transfer Plan”