A 5-point checklist for a smooth HNW estate transition paid Whittier Trust
That noted, here are five steps that high-net-worth and ultra-high-net-worth individuals should take to help ensure a seamless estate transition.That situation could have led to serious interpersonal strife, not to mention expensive legal battles, after the potential client’s death. And it testifies to the need for iron-clad estate planning, which can make sure that such dangers don’t crop up.
One client, who was born in Latin America but is now a U.S. citizen, assumed his estate plan covered the assets he owns in a Latin American country. It didn’t. When that client came to Whittier, Frank referred him to a specialist who handles cross-border estate planning.Many people assume it’s wise to keep important papers, such as their will and trust documents, in a safe deposit box.
“In my experience, the more you can tell the heirs, particularly if the situation is complicated, the better they will receive it when the time comes,” he said. When it comes to dividing the estate, “fair” doesn’t necessarily mean “equal.” Whatever the particulars, previewing the plan is generally the best way to avoid triggering sibling or other rivalries.
In one recent situation, a surviving spouse lacked the financial acumen to handle an estate’s business and real estate assets. Her stepson ended up suing her for control of the estate, at which point Whittier was brought in to manage the issues and communicate transparently with both the widow and her stepson.
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