A well-crafted estate plan is a snapshot of your legacy: it shows what you have created over the course of your lifetime and identifies those who will benefit from your generosity. Take the time to map out a wealth transfer strategy and then clearly communicate that strategy to your beneficiaries early to avoid future family discord.
Consider sitting down with professionals to review your situation and gain an understanding of how your assets will transfer if you make no changes to your existing plan. A relationship manager at Wells Fargo Wealth Management can work with you to bring dedicated specialists to the table, including wealth planners and fiduciary advisory specialists, who can advise you and coordinate with other advisors, such as your attorney and CPA. Together, you can discuss where you want your assets to go, potential taxes that may be due, and other possible gaps that need to be closed.
The most fundamental estate planning principles remain unchanged. The duties to manage finances and assets prudently, pass values along with wealth to children and grandchildren, and treat all beneficiaries fairly are all responsibilities that are timeless.