After you have spent a lifetime building your wealth, your Will gives you an opportunity to transfer the assets you have accumulated to your beneficiaries, including your family, friends or charitable organizations.
Is your estate plan comprehensive or just complicated? One of the best ways to ensure your plan covers all bases is to start with a basic questionnaire to uncover your true needs. There are many ways to customize your plan to accommodate seemingly complicated situations such as:
- Dual citizenship
- Business succession
- Passing property to the next generation
- Protecting dependents who are unable to manage wealth on their own
- Equitable treatment of beneficiaries from blended families
Who is best suited to be the executor? Choosing the right person is the key to minimizing conflict with your heirs. You want to look for someone who is not only willing and able to handle your estate, but who also has the inclination to take on — and resolve — complex issues.
Will your beneficiaries benefit or be burdened?
Will taxes erode the value of your estate?