In today’s world, an Estate Plan should be more than just a Will or a Testamentary Trust. The Plan should address all the complex components of our modern lives and our plans for the future, as well as our wishes at the time of death. The Plan should take into consideration the relationship between the person or persons making the Plan and their loved ones, and the structure for management of the family assets both currently and in the future.
At the core of any Plan is not necessarily the amount of money at stake or the technical legal terminology used to implement the Plan, but the relationships during lifetime that define who the family is and their common goals. A well prepared Plan can be the guiding structure for management of family affairs both financial and non-financial, and gives all family members an opportunity to be part of the present and future family goals.
Learn more about estate plans and the role of a family office in this month's newsletter.