Transferring wealth can mean different things to different individuals and families. No matter the situation, everyone has to jump over the same hurdles of 1) the pressures it puts on families, 2) the actual transferring of assets, and 3) the unintentional outcomes that could arise. Sometimes plans get put into motion unexpectedly which presents its own challenges, but many times they take years to play out.
In our line of business, our team often must navigate the death of clients and communication with their family members and beneficiaries. We can say with firsthand experience those that inform their family of their estate plan often have a smoother outcome.
Ensuring a transfer of wealth isn’t as easy as having your estate planning documents completed and stored somewhere for safekeeping. Does your spouse know where things (documents, accounts, etc.) are at and have they met your trusted advisors (trustee, wealth advisor, accountant, banker, etc.)? Have you sat your spouse and children down to communicate what your definition of a successful transfer of wealth means to you? Do your children have the acumen to inherit assets such as an IRA, brokerage account, farmland, or the family lake cabin? If not, taking the time to communicate with everyone will go a long way and make everyone feel a little more secure.
These are a few questions that can really help you feel good about the plan you have for your wealth and there’s no doubt your family will appreciate it as well.
The team at Heartland Trust Company, whether acting as Trustee or Personal Representative, takes our responsibility very seriously with these conversations with families to ensure wealth is transferred the way it is intended. We have long said that “the best estate plan keeps a family together”.
We are here to help you dig into some of the tougher questions, help organize the documents and team of trusted advisors, and help educate the next generation on the what, how, why, when questions.
I encourage you to take that next step with your family to ensure your transfer of wealth is a successful one.