Your wealth’s future starts now

Planning ahead
Whatever your situation, it’s good to start planning if you want to ensure your family is well taken care of during your lifetime and beyond.

Next generation
With great wealth comes great responsibility. While there’s no defined age at which you should involve your children in the activities of your family enterprise, it’s important to prepare your children early enough for their roles and responsibilities.

Ownership and management
Clearly defining your family’s wealth and considering how the assets should best be owned and managed can help to create harmony. Set clear goals and objectives, based on your family’s values and priorities, and ideally agreed upon by all family members.

Family constitution
A solid family constitution can help ensure your family remains successful and wealthy over several generations. It supports the creation of a clear family strategy and governance of your wealth.

Global mobility
Many families have become truly global, with members spread across the world. This can create an undesirable tax footprint in certain jurisdictions. Be aware of the implications for yourself, your family, and your business.

Investment risks
Diversify across asset classes, sectors and geographies, and review your portfolio to minimize risks to your wealth and provide the liquidity you need to live well.

Define your goals
Set out your short-, medium-, and long-term goals. Who depends on you financially? What portion of your wealth do you want to pass on? And how can you achieve your life’s vision?

Organize your finances
Plan for life after work with a clear view of your annual budget and what you own and owe. A clear picture of your current situation and your goals can help you ensure you’ll have what you need, when you need it.

Revisit your plan
Circumstances change. So, revisit your plan from time to time. For instance, if you decide to live in another country, you’ll need to analyze all factors that could affect your plans.

Your assets
Mapping your wealth and its components is the first step toward an effective succession plan. But documenting your legacy may not be as easy as it sounds.

Tackling complexity
Legal and tax rules can limit your freedom to dispose of your assets as you please. Succession planning is a holistic process spanning the changing nature of your specific circumstances and personal preferences.

Your beneficiaries
Identify who you want your heirs to be and decide what you wish to leave to whom. Avoid future family strife with a succession plan that’s perceived as fair by all beneficiaries.