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How a wealth advisor can oversee the distribution of assets

For those Massachusetts families who have been fortunate enough to amass significant wealth, managing that wealth can seem like a full-time job. In fact, many wealthy families hire the services of multiple financial professionals to handle money matters. When it comes to estate planning, it may make sense to hire a wealth advisor who is specifically tasked with creating a plan for the distribution of assets.

For example, some families have a trusted insurance broker who handles matters related to personal and business insurance. Another professional may focus on the family’s investments, while a third is solely responsible for business dealings. If all three of those financial professionals are functioning independently of one another, there is a great risk of loss when creating an estate plan.

By hiring a financial advisor or estate planning attorney who is specifically tasked with creating a comprehensive estate plan, families can ensure that their wishes are carried out as intended. This allows one individual to gain a bird’s-eye view of the entire scope of the family’s financial standing. That information is then integrated into the family’s wishes in regard to the distribution of assets. Taking this holistic approach is the best way to reach the desired outcome.

Creating a comprehensive estate plan for wealthy Massachusetts families is a process that may take an initial investment of time and effort. However, once that plan is in place, periodic reassessments are all that is needed to ensure that the documents contained within the plan continue to meet the needs of the family as a whole. In this way, individual financial advisors can continue to function in their designated roles, and the family can rest assured that someone is looking after their wishes in regard to the ultimate distribution of assets.

Source: Forbes, “How A Family Wealth Advisor Can Add The Most Value – Part 1: The Estate Planning Process“, Bingham C. Jamison, Aug. 29, 2017


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