You are surrounded with a team of Financial Planner, accountant, corporate advisor, business solicitor, insurance specialist, maybe a tax solicitor and an attorney for private matters.
All of them are happy when you answer their question if you have made a private will and if you thought about your succession with a yes. A good part of them will be glad to hear that and will make a check on that topic without deeper questions.
Some of them might ask further something like what your plans look like. Latest your solicitor and CPA will dig deeper into it, but experience shows that they will stick to their field of competence.
Agreed to that, stick to what you know.
All of them are happy when you answer their question if you have made a private will and if you thought about your succession with a yes. A good part of them will be glad to hear that and will make a check on that topic without deeper questions.
Some of them might ask further something like what your plans look like. Latest your solicitor and CPA will dig deeper into it, but experience shows that they will stick to their field of competence.
Agreed to that, stick to what you know.
Excursion:
USA Today wrote on July the 2015 that 64% of the Americans are without a will. caring.com came in a survey in 2017 to the result that 60% have now will, but from those with age 72 or older 81% have a will or a living trust. Recording to certainty.co.uk 58% of the adult population is without a will in UK. In Australia it is 50% (moneysmart.gov.au) without a will.
On the other hand the Family Business Survey 2016 states that 43% of all family firms have no succession plan in place and just 12% make it to the third generation. This are only a couple of numbers from some examples which show us that there is a huge gap. A gap which could cost the firm.
The provided numbers do not enlighten us which part of the businesses or persons have up to date wills nor succession plans in place which is combined valid.
That your succession plan and your will will fulfil your wishes are one stone on which the house will be build. Every perfect stone on which your house stands will not do its part, if it does not match to the others.
Meaning if your will is perfectly written and includes all your wishes but it interferes in a negative way with your succession plan, then the best possible outcome of it will be that it is only the source for trouble between your heirs. The negative side could be that it interferes in such way that it will leave your will and succession plan or one of them inoperative.
I strongly recommend beside regular reading of both also to check if both match and support each other. Bring your team of solicitors and CPA together, ensure that they exchange thoughts and documents with each other.
By doing so you will be provided with a succession plan and a will which will work hand in hand. This can save your heirs a lot of trouble and possibly taxes.
If you want to go one step further then share your plans of succession with the rest of your team, such as your bank, insurance specialist, financial planner and so on. Every one of them can make the life of your family and heirs easier. Also they can provide you with supporting information and ways of out-of-testament solutions.
On the other hand the Family Business Survey 2016 states that 43% of all family firms have no succession plan in place and just 12% make it to the third generation. This are only a couple of numbers from some examples which show us that there is a huge gap. A gap which could cost the firm.
The provided numbers do not enlighten us which part of the businesses or persons have up to date wills nor succession plans in place which is combined valid.
That your succession plan and your will will fulfil your wishes are one stone on which the house will be build. Every perfect stone on which your house stands will not do its part, if it does not match to the others.
Meaning if your will is perfectly written and includes all your wishes but it interferes in a negative way with your succession plan, then the best possible outcome of it will be that it is only the source for trouble between your heirs. The negative side could be that it interferes in such way that it will leave your will and succession plan or one of them inoperative.
I strongly recommend beside regular reading of both also to check if both match and support each other. Bring your team of solicitors and CPA together, ensure that they exchange thoughts and documents with each other.
By doing so you will be provided with a succession plan and a will which will work hand in hand. This can save your heirs a lot of trouble and possibly taxes.
If you want to go one step further then share your plans of succession with the rest of your team, such as your bank, insurance specialist, financial planner and so on. Every one of them can make the life of your family and heirs easier. Also they can provide you with supporting information and ways of out-of-testament solutions.
