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Utilize a detailed estate plan when you’re extremely wealthy

On Behalf of | May 20, 2022 | Blog, Estate Administration

After working diligently in New Jersey to accumulate a significant amount of wealth, you may want to leave your millions to your loved ones. Taking time to create a solid estate plan is the best way to help ensure this wish gets completed correctly. Going this route allows you to avoid probate and create specific stipulations.

Determining the best way to distribute your wealth

Going through the steps required for estate planning can be complicated when you’re extremely wealthy. Protecting your assets is likely one of your main goals, which may require an intricate and complex plan. Using a trust is one of the best ways to accomplish your goals.

Setting limitations by using a trust

It can be beneficial to use a trust when dividing your assets. Several advantages are available with this option, which can include the following:

  • Keeping assets in the family – If you’re not thrilled with the decision of a child who is getting married to a fiancé you don’t like, you can use a trust to stipulate that their spouse will not receive any of your assets if they get a divorce.
  • Ensuring your money isn’t blown – When you have a child who makes poor life choices, you might feel like they will spend their inheritance quickly. Stopping this action from happening can be done by using a trust. A trustee can distribute your inheritance as money as needed with this option.
  • Creates privacy for your family – Using a living trust provides privacy. If you have a will that’s probated, it becomes a public record, listing the value of your assets that you may not want to have known.
  • Avoiding probate – Using a trust makes it quicker and less expensive to distribute your property.

When you’re extremely rich, understanding your options is essential when formulating an estate plan. Doing so can help ensure you make the right choices.