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By June 27, 2023February 2nd, 2024One Wealth Perspectives

Estate planning can be complicated and emotionally stressful. I recently finished the HBO series “Succession,” in which the show takes the concept of the inheritance of a family business to quite the extreme. The show prompted me to reflect on my own understanding of the topic.

Before joining One Wealth, the idea of estate planning felt so far removed from my reality. I told myself, “I’ll consider mulling over my affairs someday down the road.” Although, if life has taught me anything up to this point, it’s that life events can occur at any age. Being prepared with an estate plan can provide an opportunity to help minimize the financial and emotional stress that can accompany such situations. Whether it’s designating beneficiaries for your financial accounts or outlining how you want your belongings distributed, estate planning empowers you to have control over your assets. A comprehensive estate plan can also protect assets from exposure to the probate process. Probate is the legal process of validating a will and distributing assets, which can be time consuming and costly. By utilizing tools such as trusts and gifting, you can potentially reduce the cost of probate and ensure your assets are allocated according to your wishes.

Having a plan can set the groundwork for future growth and prosperity. As careers progress, much like a financial plan, an estate plan can evolve to reflect changing circumstances. I now understand that by laying down a foundation such as a trust and will can have a major beneficial impact to one’s financial situation.

The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.
The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward‐looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.