Wealth Strategies Series: Family Wealth Transitions

Hollywood movies usually portray the reading of the will as a family gathering around in suspense, anxiousness, and agony. You’ve seen it in the movie The Grand Budapest Hotel or commercials such as DirecTV. Lucky family members either win the prize inheritance in celebration or are left out completely forgotten and with nothing. This scene of the estate plan details being revealed after death can create some potential problems and in an ideal world, should never happen.

With proper planning, transferring wealth from one generation to the next can be a smooth process. The basic documents that should be in place before anything else are the will and trust documents. However, contrary to what many believe, it does not end here. Open communication including periodic family meetings, keeping everything up-to- date, and everyone understanding their roles and responsibilities are the keys to having success, and frankly can make or break an estate plan.

This preview article is part of a 12 section Wealth Strategies series. To read the full article in detail, including a checklist to determine whether your family is prepared or not, please click the link or button below:

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