An important part of family wealth management is legacy planning. Whether it be ultra high net worth wealth management or just a small family business, planning and creating your will is very crucial for the future of the family you will leave behind. As they say, to prevent a family dispute over properties and funds, better to have legacy planning as early as possible.
Here are the reasons why legacy planning is important:
1. It is a Preparation for the Unexpected
People often create wills or start legacy planning when they are already at the final stage of their lives. However, financial advisors recommend starting legacy planning even at a young age. Since no one knows when death will come upon us, it is better to have a legacy plan in case something unexpected happens. It prevents mayhem and hassle in family wealth management.
2. It Ensures Close Beneficiaries
The typical situation in a family saga drama is the sudden arrival of other wealth beneficiaries of a dying rich man or woman. To ensure only the closest families will benefit from your wealth, better start legacy planning. These family members will have control over your assets when you die.
3. Avoids Family Altercations
Another family saga problem is when the family members fight for the control and ownership of the assets you have left, especially if you have an ultra high net worth wealth management. Prevent this from happening by planning your legacy. Handing down your specific assets to particular people will prevent this family drama.
4. Reduces Tax Burdens
Creating a legacy plan reduces the tax burdens on your beneficiaries during the process of transferring assets. Through wills and legacy plans, you maximise the value of the assets you leave.
5. Reduces Work
Creating a legacy plan and the probate process takes a long time. Taking care of these when you are still able is better than handling these things at old age.
Start your legacy planning today with Golden Equator Wealth. Golden Equator Wealth helps families in managing and preserving their wealth to provide financial security and stability to the future generation.
