Proper estate planning requires carefully completing several important steps, and the process is even more important if you have many assets to your name. Here is what you need to know about planning for the eventual distribution of your high-net-worth estate.
Find someone you can trust
Whether it’s due to a lack of time or energy, most people find it hard to take on the estate planning process by themselves. Considering that, many high-net-worth individuals hire a trustee to help manage their estate. When it comes to choosing a trustee, make sure this person is trustworthy and capable of handling such an important role.
Eliminate the risk of probate
While planning your estate, you’ll need to decide whether you want a living trust or a will. A living trust means that not everything is in your name, ensuring you can bypass the probate process. Even though things aren’t in your name, you still have full control over your assets. In the event that you’re unable to manage your estate, you can appoint a successor to take over.
Avoid excessive estate taxes
Taxes are another vital concern when it comes to managing a high-net-worth estate. Keep a close eye on managing income taxes, estate taxes and generation-skipping taxes to ensure that your estate’s net worth remains high.
If you need help planning your high-net-worth estate, it might be time to speak with an estate planning lawyer. By seeking professional assistance, you’ll have someone who understands the ever-changing nuances of properly planning an estate. You can ensure that your family and estate are taken care of after you’re gone.