For many people in Pennsylvania, one of the most important inspirations to develop their family wealth is the potential to leave a legacy behind to future generations. In order to make sure that this dream is realized, however, it is important to put in place a plan that makes it possible. This is especially the case for people with substantial assets that they plan to pass on. In addition to developing an initial plan, people need to be prepared to check in regularly, around every three to five years.
Over time, inconsistencies or conflicts can develop as different parts of an estate plan come together. In addition, underlying tax laws can change, making different arrangements more advantageous for everyone. There are other things to also keep in mind in order to develop a successful estate transition. One key item is to make sure that all of a person’s assets are included in the distribution plan. This can be especially critical for people with international properties or other overseas investments. In some case, U.S. estate documents may not be sufficient to transfer these assets, and other steps and filings may be necessary to memorialize a person’s wishes for the future.
It can also be important to have an open conversation with family members and beneficiaries about overall plans for the estate. This does not need to be a deep dive into the actual finances, but it can give a general indication of a plan. This can help people to prepare and avoid unnecessary interpersonal conflict and strife later on.
Planning for the future can be an important task with a number of key decisions to make. An estate planning attorney may work with people to develop a comprehensive plan and execute documents like wills and trusts to bring it to fruition.