Would you like to keep the costs of the probate and trust administration process to a minimum? Do you wish to pass on some of your assets to your beneficiaries before you die? If so, consider speaking to a wealth transfer lawyer.
It is thought that only 45 percent of American adults have created an estate plan. In general, the more assets you own, and the older you get, the more likely you will want to obtain some kind of estate planning documents, such as a will or trust. In the event you die without any of these things in place, the state will oversee the distribution of your wealth – this may or may not be what you would like to see happen to your assets. Furthermore, lacking these documents can expose your beneficiaries to:
- Copious amounts of time in court
- High legal fees
- Lost assets
- + More
Having the right documents in place can ensure the distribution process is completed in a timely manner, the costs are kept to a minimum, and harmony within the family is kept at bay.
To find out more about wealth transfer and estate planning, call a law firm to speak with a wealth transfer lawyer men and women recommend.
A Wealth Transfer Plan is Not the Same as a Will or Trust
If you have estate planning documents or are planning your estate, it is important to understand what a wealth transfer plan is. A wealth transfer lawyer can explain what might happen when you do not have a plan in place.
Family Disharmonization – It is possible for families to be torn apart because of jealousy, anger, and animosity. Some beneficiaries or heirs might feel they were forgotten or taken advantage of. They might not understand the decisions made by the deceased and become resentful at the outcome of the situation.
Loss of Family Wealth – As a general rule of thumb, when there is no estate plan, 70 percent of a family’s wealth is lost by the second generation, by the third generation, it may be up to 90 percent.
Sudden Wealth – When heirs or beneficiaries find out they have inherited a large amount of wealth, they might quit their jobs or start to spend the money aimlessly. A wealth transfer lawyer feels that many benefactors would be saddened to find out everything they worked so hard for has been squandered.
The Benefits of a Wealth Transfer Plan
In a broad, complex series of decisions taken by you, you can prepare your heirs for their inheritance, while at the same time, maintain harmony between each family member. This process will involve:
- Talking about your family goals
- Considering the value of your money
- Sharing your intentions with the heirs
- Being open about what they can expect
- Introducing your heirs to your wealth transfer lawyer in Folsom, CA and any accountants or advisors
- Helping your heirs to learn about investing, money, and other things that could affect their wealth
- Consider, discuss, and decide on the methods of transfer
- Encouraging your heirs to create their own estate plan
If you would like to begin to transfer your wealth, either through gifting, a will, a trust, or another estate planning tool, please call an estate planning lawyer in Melbourne, FL today.
Thanks to Arcadier, Biggie & Wood, PLLC for their insight into estate planning law.