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Q&A: How can I ensure my assets pass efficiently to my heirs? (Part 2)

Dad and his son or heir walking on beach

Last month, our Q&A focused on a few steps to take to help ensure your assets will transition to your heirs in a private manner without the court system getting involved. In addition, we discussed the benefits of trusts and consistently revisiting / updating your estate plan with your estate attorney. While this covers the basics to protect your assets from becoming tied up within the court system, there are also additional questions you should ask yourself and discussions you should have with your family to help your assets transition as efficiently as possible.

(To read part 1, click here.)

These questions include the following:

  1. Have you talked to your family or heirs about your estate plan? If not, what is your concern about telling them?
  2. What relationship issues may surface when your estate transfers? Are there any actions you can take to address these now?
  3. Do you have a purpose or goal for your wealth? If so, is your family aware and is everyone involved on the same page?
  4. Will your family or heirs be able to make decisions and manage your wealth if you are no longer here? If not, do you have a plan in place to assist them?
  5. Do you foresee any additional risks or challenges to your wealth transferring smoothly?

WHY IS IT IMPORTANT TO COMMUNICATE WITH MY HEIRS ABOUT MY ESTATE PLAN?

When you think of your wealth transferring to the next generation, think of yourself as CEO of a company. With this in mind, consider questions such as the following:

  • If you were to pass, are your heirs aware of the plan of succession?
  • Will complete chaos ensue as everyone struggles to pull the pieces together, potentially causing harm to a company you worked tirelessly to build?
  • Are your heirs aware of your plan, equipped to manage the wealth, and understanding of your decisions?

Considering these questions and having these discussions with your family is critical to your wealth transferring privately, peacefully, and in the manner you intended.

Your Godsey & Gibb Wealth Advisor or estate planning attorney can assist you in knowing what details need to be shared and what details (like dollar amounts) can be kept private. If you have any additional questions regarding Estate Planning or necessary steps to create an estate plan, please reach out to one of our advisors.

Author: Dan Savage | Wealth Management Advisor
Written: May 15, 2021