Nothing lasts forever. But with proper care and planning, you can make some valuable things last well beyond your time — whether it is for your family, or for your business. A proper succession plan, with appropriate account structure and investment nominations amongst other considerations should protect what you have and enable your family to achieve their aspirations.
Have You Thought About?
Will my family be able to access the wealth I have created?
The only certainty in life is uncertainty. You may be planning for many years, but we almost never plan for the final eventuality of our life. Planning for that would help your family with a hassle-free access to your property and investments. To enable a seamless transition to your loved ones, the plan should have assets in the right structures with an appropriate succession planning tool.
Will my family members be able to maintain their lifestyle and achieve their aspirations after I am gone?
Being there for your family when you are not there is an emotional paradox. To be able to protect your family's interests, it is important to adequately protect yourself with appropriate insurance structures that are equipped to insulate your family's assets and nurture your objectives and aspirations for your family—without impacting their lifestyle.
Is my family equipped to take financial decisions?
The wealth that you have created over the years is your hardearned money. Now, it is your responsibility to make sure that your family is equipped to handle all your financial aspects after your time. You can do this by involving your family in the decision-making protocols when you are alive. Not only will this enable their financial literacy, but it will also give them the aptitude to learn the tricks of the trade before they are given the reins to hold.