A recent Forbes article on estate administration notes that sound and timely planning is a smart strategy for a person "no matter what his or her level of worth."
And the magazine goes on to note in the virtual wake of that statement that staying on top of future-focused money matters can be singularly important for an individual or family with a comparatively significant amount of assets.
That will make sense in most cases where vast wealth is featured, of course, given that a high-asset level customarily breeds a corresponding complexity in asset types.
That means that there is often simply more to think about, with wealth being diffused among many different vehicles, ranging broadly from myriad investment/retirement accounts and realty holdings to family businesses, valuable collections and additional income-generating assets.
An interesting point made in the Forbes piece stresses a surprising lack of readiness in focusing upon estate planning and periodic updates by wealthy business principals and the so-called "super-rich." Notwithstanding their need to stay on top of money matters, reportedly many of those individuals are flatly lax in being proactive where they need to be.
"Almost nine out of 10 highly accomplished business owners have estate plans that are more than five years old," notes one financial analyst. And a similar lack of preparation extends to many "exceptionally wealthy families."
Although that obviously paints a dismal picture concerning estate administration engagement, Forbes notes that there is a positive flip side for would-be strategists who are stalled in their planning.
And that is this: It's not hard to get started, with procrastination being a mistake "that is easily rectified."
A call to a proven attorney who routinely promotes the financial interests of high-asset individuals and families in estate-related matters can be a positive first step toward implementing a smart and tailored planning strategy.