Proven Methods For Transferring Wealth

Proven Methods For Transferring Wealth

The process of generational wealth transfer is one that every individual needs to plan for early on. For anyone who has acquired, or is acquiring assets/wealth, it is important to protect these for transfer to your loved ones in a seamless manner.

Some tools of wealth transfer include:

  • Will – A Will is a tool for the transfer of assets that only comes into effect upon the death of the asset owner (e.g. a Last Will that details how you want your assets to be distributed when you are no longer around).
  • Trust – A Trust contains instructions/wishes on the welfare of your family members/loved ones that are executed by a designated Trustee of your choosing (e.g. an Education Trust which outlines how you want the future education of your children handled).
  • Power of Attorney – This is an instrument designed to empower another individual to act on your behalf while you are still alive (e.g. detailed instructions you put in place in case of a medical emergency).
  • A Living Trust is one of the most effective tools of Estate Planning which can be created and enjoyed during your lifetime while ensuring your legacy is preserved after your demise. A living trust is also a cost-effective tool of Estate Planning as it does not pass through probate (an often costly procedure which also tends to delay the wealth transfer process).

    A well-drawn Living Trust gives specific directions on what to do with all your assets; such as providing care for a loved one with special needs or even protecting your assets from certain identified persons (or groups). This will give you peace of mind knowing that everything in your estate will be distributed exactly as you want.

    You should consult with a professional to assist with creating a Living Trust that suits your needs. This will help you preempt any gaps that can undermine your wealth transfer later and ensure that your legacy is well preserved.

    FBN Trustees exists to help make the wealth transfer process easier.

    A member of the reputed FBN Holdings Group, we are a team of experts who have in-depth industry knowledge, local awareness and relevant experience, having helped develop wealth transfer plans for families and businesses over several decades.

    You can count on us to provide you with bespoke solutions to address your wealth transfer objectives, especially as we realise that no two individuals have exactly the same needs.

    Start building your legacy today. Contact FBN Trustees to schedule a consultation.

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