The new year may signify the right time to put full focus on your estate planning and preparing your family for inherited wealth, research makes it clear that the majority of families are falling short. At Will Protect we’re continuing to provide advice and know-how for the next generation.
Only 26 percent of high-net-worth individuals in a recent survey say they have a full wealth transfer strategy in place, with a surprising 32 percent of respondents admitting they have done nothing yet to prepare.
Perhaps you don’t know where to start? The question is what can families do to succeed in this when it comes to a plan of your estate?
One of the first steps can simply be a discussion on day-to-day saving and budgeting techniques, this can go a long way towards getting younger generations into a wealth succession mindset.
More forward-thinking families can also engage the next generation at an earlier age by involving them in financial matters that tie directly to core values, including charitable giving decisions.
This process enables parents and grandparents to use gifting as an opportunity to share the family’s vision, priorities and intentions. While there may be some potentially unpleasant decisions ahead, instilling an early sense of family stewardship can be an excellent way to spark further conversations about wealth and related responsibilities for the future.
To make sure everyone is on the same page, so to speak, it is a good idea for families to sit down and talk openly about the good and the bad, the opportunities and the risks.
Forward thinking really is the way forward, as the human race is living longer and lifespans continue to lengthen, older family members might also ask themselves if they can begin wealth transfers while they are alive or if they’ll need to preserve those funds for healthcare and other living expenses.
One idea that benefits all is an estate specialist, who can help all your requirements and put a plan together to ensure that the family legacy endures for many generations to come.
If you would like to find out more about Estate Planning or any other service we provide at Will Protect, you can call us on 0345 894 8441 or email us via email@example.com.
We would also like to take this opportunity to wish you a very happy, healthy and prosperous new year for you and your family throughout 2018.