UHNW Advisor Usage



According to Spectrem’s Relationship with Advisors, 30 percent of Ultra High Net Worth investors with a net worth between $5 million and 25 million received advice on an estate plan from their primary advisor, while 33 percent received advice from someone other than a primary advisor. Twenty-five percent said they do not need the advice, and 12 percent said they planned to seek the advice in the future.

While everyone with significant assets should have an estate plan and will, of special concern are people in a non-traditional relationship, those who have cohabitated for a long period of time without marriage, people who have married more than once, and those with children. If a person has children from a previous marriage, an estate plan and written declaration of intent in the form of a will is vital to the protection of those children from members of the person’s current family.

Property ownership, such as land or permanent structures, is a key factor to consider in estate planning. The other kind of property includes things like jewelry, automobiles, bank accounts, cash and securities. While those are difficult to divide prior to death, leaving the distribution of those kinds of assets to a family member or the state would be much more difficult for those who might inherit some of those goods.

When considering what is going to happen to your personal assets upon your death, there are some estate planning basics that must be considered.

Most estate plans are designed to complete the following tasks: preserve your wealth for your beneficiaries, help to reduce conflict among family members, minimize tax issues related to your estate, and protect your family by choosing a legal guardian.

Another one of the key estate planning basics is to make sure there is no confusion about your wishes regarding your estate. A financial planner with experience writing the documents necessary can make sure the language is legally binding and clear.

Estate planning is essential to make it easy to set in motion the process of dividing the assets of your estate upon your death. Without planning, as well as a last will and testament, the division of assets could be determined by the state.



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