Understandably, you need knowledgeable and on-point legal acumen brought to bear on your behalf if you are the scion of a family fortune with a strong eye on passing along great wealth to following generations.
Astute estate planning -- regarding inheritances, lawfully sheltering assets from taxation, establishing trusts for varied purposes, leaving your family's imprint on your community via a positive legacy, and additional matters -- is likely on your mind, and should be. Perhaps you have already acted by enlisting the help of a deeply experienced estate administration attorney, who has helped you craft a plan that is well tailored to your personal situation and makes optimal sense for you and your heirs.
But perhaps not.
In fact, if you are relatively young and have children who are not yet adults, there is statistically an outsized chance that you have done nothing at all in the planning realm. Reportedly, only about one of every three persons in your demographic has executed any estate planning documents.
That needs to change, writes an investment adviser who recently penned an article for an online financial publication.
And here's why. Planning is far more than being merely about the identification of inheritors and the transfer of wealth; where children are concerned, smart planning can ensure their futures in many ways.
For starters, planning necessitates timely thinking about guardianships. Who will care for your children if you are suddenly not around any longer to do so? If you don't appoint someone you trust to step in, a judge who doesn't know you or your family will do so.
Planning can also provide for financial stability. Trusts especially can be legal instruments of great utility in this regard.
The bottom line regarding younger families -- parents with children in the house and/or with new young ones about to enter the world -- have lots of strong reasons to spend some time creating certainty and stability through solid estate planning.
A proven estate administration attorney -- especially one with a demonstrated record of working with young families -- can provide further information.