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Passing the baton
You have painstakingly spent many years working to build up your assets, investments, properties and businesses.
You have been a great steward. The very least you should do is to spend some time to think about your potential beneficiaries and how you would like them to inherit your legacy, in case something happens prematurely.
Every family situation is unique and special but here are some things you should think about.
Debts – who needs to pay off the loans that were incurred during the time you are thriving?
Assets – with your structure and type of assets, what kind of liquidity and ease of distribution does it provide? Most of wealthy families assets tend to revolve around businesses and properties which become the target of contention between various beneficiaries as it is chunky and illiquid.
Beneficiaries – understand the emotional states of beneficiaries when they might inherit assets all at once. For example, a child who has not handled anything more than $50k in his life may not be able to manage $1mil of asset when it is given to him all at once. He might also unknowingly attract more friends in the process for the wrong reasons.
Family bank – can you imagine creating your own private wealth bank for your own family, even for generations. And it hardly costs anything and does not require the family much. It all starts with an idea that you would like to create something of your own.
Can you remember your great grandparents name – what if your great grandparents continue to give you an ang pow every year during your birthday? Will your great grandchildren remember you for a long time?
There are many exciting and strategies that can help a person make his dreams come true..
With experience and wisdom, you will be able to pass on the baton with your values in a more meaningful way.