The Importance of Wealth Management Planning

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The Importance of Wealth Management Planning

While planning for a secure financial future is often a top priority, many people overlook the importance of estate planning, will preparation and other components of long-term wealth management. In fact, six out of 10 individuals pass away without a will. Unfortunately, without proper wealth management planning, individuals and families can lose large portions of their estate to taxes and fees.

What happens when an individual passes away without a will? 

In the state of California, an individual passes away without a will, the individual’s assets will be  without a will die intestate, passing away without a will, and the individual’s assets will be passed by way of intestate succession, meaning the state decides who will obtain the loved one’s car, estate, television and anything else the individual owned in his/her name.

What is wealth management planning?

Wealth management planning is the strategic course of organizing and building wealth, to guarantee that affluence is transferred from one generation to the next generation. It is important to establish goals and objectives, as well as prioritize how the wealth will be distributed to benefactors (e.g., spouse, children, relatives, community). 

Why is wealth management important?

Many people want their beneficiaries to live comfortable, safe and successful lives, to be able to provide a “safety net” in case their beneficiaries face unexpected emergencies. In addition,  people want their heirs to build character, to work hard and to have a sense of independence; attributes that money can’t buy. Through wealth management planning, individuals can ensure specific inheritance requirements for particular beneficiaries. Thus, every case is difference. The most important aspect of wealth management planning is having the ability to say exactly how property will be distributed, including whom and when the assets will be given, something that intestate succession can’t do.

Alexander and Associates offers clients wealth planning management and over 20 years of experience in wealth building, estate planning and administration, probate, business planning and litigation.

Have a question about wealth planning management? Contact Alexander and Associates for a FREE consultation!