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What happens when the person you trusted to carry out your wishes is not up to the task? This question is one many families do not consider until it is too late. In the previous article, we emphasized how staying organized can ease the burden of estate administration. But even the most well-organized plan can unravel if the wrong person is at the helm.
Building on the success of last year’s exploration of trusts for various life stages, we are excited to bring you fresh insights designed specifically to address real-world challenges and opportunities families often encounter when managing wealth and family planning. Throughout this month, we will provide practical guidance on topics such as staying organized with your estate documents, avoiding common pitfalls when selecting an executor, thoughtfully transitioning wealth to the next generation, and maintaining strong family relationships along the way.
In this final installment of our series, we will explore (at a very high level) the consequences of not planning for your death. Please keep in mind that estate planning can be very complex or very simple, depending on the decedent’s wishes, and we have covered only a small portion of the topic over the course of 2024.
This edition will look at how Trusts can help establish a family legacy, both through charitable giving and in educating future generations on how to be good stewards of family wealth.
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There is a saying in wealth management that goes “the first generation makes it, the second generation saves it, and the third generation spends it”. Whether due to poor investment performance, spendthrift beneficiaries, or non-income producing assets, true generational wealth is difficult to shepherd through multiple generations. Trusts, while not foolproof, are one effective way to protect assets from beyond one’s lifetime.
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When people think of Trusts, they generally think of them at the end of someone’s life, whether it’s an inheritance or part of an estate plan after retirement. While these scenarios are quite often the case, there are many reasons to explore creating a Trust.