In a recent survey report released by UBS*, one of the world’s largest wealth managers, it is revealed that many investors simply are not taking the actions necessary to ensure successful wealth transfer. Four in ten do not have an up-to-date will or wealth transfer plan, and half are not even having these important conversations to prepare their future heirs. This is despite 76% of them wanting the transfer of assets to go smoothly, 71% of them looking to make sure that is done in a tax-optimized way, and 70% of them hoping the heirs will use the inheritance wisely.
This state is mainly derived from the factors already mentioned, plus a general reluctance to approach what is most considered a sensitive topic, hindered further by barriers to communication, leading to a lack of transparency and, ultimately, family conflicts.
Obviously, having the right knowledge and advice is key, and this is where professionals come to the fore. But even before engaging with such services, a wealthy individual needs to have a comprehensive overview of all assets and supporting documentation to ensure a smooth transition. This is where Altoo’s Wealth Platform can help create the transparency and repository needed to get the best start on your inheritance planning journey.
If you have considerable assets – bankable and lifestyle – and have yet to create a manageable overview of value, location, ownership and performance, then you should consider talking to us about achieving this milestone through our Wealth Management Platform. It will help you gain peace of mind and clarity on the delicate subject of how you wish to leave your legacy and ensure your heirs are prepared and all on the same page when the time comes.
Why not contact us today? We’ll show you how Altoo can make your financial life more manageable.
* The report can be found on the UBS website at https://www.ubs.com/global/en/wealth-management/our-approach/investor-watch/2022/share-it-well.html
