Estate Transition Checklist

Historical data shows that only 3 families in 10 will successfully transition their estate to the next generation and by the beginning of the third generation, 9 out of 10 families will involuntarily lose their financial assets and real estate.

High net worth families have access to best-of-class advisers, so what is the reason for the high failure rate of transitioning their estates successfully? Based on 40 years of research, experts have identified 3 critical estate transition factors that seem to determine success: 1) A clear mission for the family assets; 2) Thoughtfully prepared heirs; 3) Family trust and communication.

Evaluate your family’s odds of achieving a successful asset transition. Complete the 1O-question Estate Transition Checklist below to determine how prepared you and your family are to achieve your asset transition goals.


Begin The Process

 
Please check the box next to each of the statements below that correspond with your estate transition goals.

Estate Transition Checklist
 

If you would like to receive a copy of your completed survey, please enter your first name and email address below, then click Submit. The email will also include links to these additional useful free documents:

  • Attorney Relationship Survey
  • Personal Estate Planning Priorities Survey
  • Estate Settlement Priorities Survey
  • Personal Instructions For My Trustees To Assist Guardians Form
     


Checklist Scoring

7 or more YES -You should consider your family very similar to those families that have successfully transitioned their wealth. You are likely among the 1 in 3 that will make the wealth transition as you have planned.
4 to 6 YES – Historical data indicates that a reasonable investment of time and family effort could pay big dividends with respect to ensuring that a successful wealth transition takes place.
3 to 0 YES -This is an alarm bell for your family. This indicates that your transition plan is incomplete and that the successful transition of your wealth is at risk.

See Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values
by Roy Williams & Vic Preisser