Thinking about the future and what will happen to your family after you die, is not exactly a fun thing to do. However, if you want the wealth you’ve built up to continue on through your children and grandchildren’s generations, then it’s important to take a proactive approach.
So how do you ensure a successful wealth succession? There are several simple steps that are worth bearing in mind:
Initially, it’s worth discussing with your family how you see the family wealth being used in the future. Is it simply there to provide them with a comfortable lifestyle, or do you have other grand hopes and aspirations?
Ensuring the distribution of your assets is fair is another key factor. It doesn’t necessarily mean splitting things equally, as this may not be desirable or relevant. Being open with those who will inherit on how you intend for your assets to change hands – and why, will help quash any potential post-death resentment.
It’s important to get your family prepared for how they will handle that wealth too. If this represents a big change for them, there is a greater chance of the wealth being squandered. You may need to give them the opportunity to at least see how you manage those assets, if not giving them the chance to do so themselves in a controlled environment. With this level of preparation behind them, they will be better equipped to ensure the wealth continues on through future generations.
Finally, you need to be on your guard for future risks. From economic crises to changes to the tax structure, there are plenty of as-yet unknown dangers which could diminish your wealth. Protecting against them will often involve the use of advisers, so get your loved ones used to working with them in advance of any actual succession.
Nobody likes to think about dying or how our families will cope after we’ve gone, but it is important to make sure they are prepared to handle the wealth left to them – in order to ensure it lasts throughout further generations, and that means talking openly about it.
Of course, the best way to ensure that your assets are distributed precisely to your wishes is to write a comprehensive Will. Heir Tight Wills helps clients put in place robust provisions and valid documents, to protect their loved ones and their assets both during their lifetime and after their death. For a FREE Consultation to discuss writing or updating your Will & estate planning provisions, contact Rachael Rodgers on 0845 519 7585, or CONTACT US via email.