Common Mistakes UHNW Individuals Make While Estate Planning
145 Views    2018-04-25

Common Mistakes UHNW Individuals Make While Estate Planning

Maintaining a prudent investment plan plays a significant role for your family. Still, about 40% of High Net Worth families fail to create a sound estate plan, says Julio Lage, advisor and co-founder at Belvedere Group of family offices. Several prosperous investors neglect estate planning due to its sensitive side. Yes, the UHNW individuals have a responsibility towards their family members and loved ones, which cannot be neglected. Julio Lage, investment expert has been involved in wealth management and financial advising for the HNW for many years now. Thus, he shares common estate planning mistakes that the UHNW families usually make.

Reviewing outdated wills

Sometimes clients neglect reviewing their wills, which may have become outdated and may not be legally valid anymore. An individual needs to review his/her will from time to time (at least after every five years), or whenever a major change in the family occurs. Some notable changes are an important trade activity, death, birth, divorce, marriage, etc. Keep track of the changes in your and your family’s life and act on your will accordingly.

Hiring individual wealth advisors and making them work separately:

This technique may help in achieving results, but it is not an ideal approach. No doubt the individual advisors can be trusted for giving results, but it may also result in conflict of ideas related to estate planning. Instead, a UHNW individual should hire a good team of expert wealth advisors who can work together to come up with a plan that is best for the whole family.

Neglecting family members in the planning

Many families lack communication when it comes to planning a will for a safer future. This results in confusions at times related to discussion about asset management and potential heirs. If not executed properly beforehand, it can even create family feuds and immoral behaviors. Thus, communication is important and involving your family members in the creation of a sound will as early as possible ensures that there is little chance of misunderstandings.
If you are a part of the UHNW family, then it is your responsibility to act on this serious issue as early as you can. Avoiding mistakes while planning your estate is prudent to secure the life of your upcoming generation. If you are looking for advice, then you can approach Julio Lage, investment expert at Belvedere Group to get professional advice on estate planning, financial planning, asset management, wealth management, etc.
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