Entrepreneur Wealth Management Made Easy by Michael Zhuang

Author:Michael Zhuang
Language: eng
Format: epub
Publisher: BookBaby
Published: 2019-03-29T17:29:27+00:00

Clear Documentation for Heirs

Far too often, heirs are forced to dig through desks, hunt through shoeboxes in closets, wait for statements to arrive in the mail, and otherwise struggle to put together a picture of their parent’s—or even their spouse’s—finances. In the case of an entrepreneur who passes away or becomes disabled, this effort can be especially daunting.

Billions are abandoned to banks and other institutions each year simply because heirs don’t know about an insurance policy, a bank account, an offshore investment, a stock fund, a property, a storage facility, a safe deposit box, or other asset.

It is absolutely your responsibility to keep and maintain up-to-date records and instructions for your heirs. Because your situation probably changes rapidly, you should review those instructions quarterly and make sure your heirs and successor trustees know where to find them.

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