Securing the financial distribution for future generations is among the crucial tasks for every family. Family wealth management and passing on wealth involves a lot of factors and even risks that can put a strain on relationships with one another. From estate transfer to dividing assets, the preservation of the family's connection while maintaining the integrity for securing wealth transfer and managing investment is a common challenge that requires proper key management.
Here are a few tips for successful family wealth planning/management:
Discuss strategies
From estate planning to the transition of a family business, the family members should all be involved in contributing and discussing sound strategies that will be used for their wealth planning. Even if the family has an ultra-high net worth wealth management, going to a high-level list of subjects with high-level strategies are one of the initial steps to successful wealth planning and management.
Work into the details for wealth management.
Working in the family wealth management plan in a detailed manner provides a clear path for actualising and rationalising plans, decisions and goals. Seniors can discuss how their wealth can be distributed and inherited by other family members, including children. Making sound decisions and educating about responsibilities in wealth are among the most common touching grounds that require diving into details.
Have family-driven conversations
Even if it is mainly concerned with family wealth management, developing trust and having a sense of responsibility is among the key foundations for building and preserving intergenerational wealth. Family wealth is a sensitive yet powerful subject that demands preparedness in facing responsibility and accountability for each member involved, be it, grandchildren, children or any heir in the family. Discussing goals, decisions, and empowering communication are significant roles in the conversation.
Golden Equator is a multi-family office in Singapore that remains one of the top leaders in private wealth and succession planning.
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