Being prepared and at peace, for the only event that is 100% inevitable and irreversible in our existence.
All human beings have the capacity to imagine, create and achieve what seems impossible, but only a few worry about truly transcending, leaving a mark and paving the way for a better future for their descendants and relatives. Creating wealth is not a complete task without having a succession plan in place.
Effective estate planning goes beyond a simple transfer of property through a will. In the inevitable event of our passing, in order for our assets to be transferred peacefully, transparently and efficiently, we must analyze the composition of our family wealth, determining the types of assets, their location, if there is real estate, personal property, works of art, interests or shares in businesses and companies. The personal qualifications, legal capacities and characteristics of the potential heirs must also be considered.
It is important to know if such heirs include minors, persons with legal incapacity, sick persons, social welfare institutions, seniors that are not self-sufficient or heirs with double or different nationalities, married, divorced, single persons and residents of other countries. Inheritance planning is a dynamic process.
Acquiring new assets in Mexico and abroad, participating in new businesses, the birth of a son or grandchild, marriage, a change in the marital property system, divorce, illness or passing of an heir, necessarily cause the need for continuous adjustments in estate planning.
Failing to correctly prepare an estate plan – considering these circumstances and changes – would result in numerous legal and tax complications, long and costly litigation that would surely translate into a partial and potentially complete reduction of the estate.
Preventing and handling the variables that could exist with regard to the estate and to the situation of each of the heirs are not easy tasks; they require specialized attention from a family consultant that provides advice on multiple aspects regarding tax, family, testamentary, life insurance, key person insurance, trust matters, among others.
The strategy offered by ALTIPAT starts with understanding the client, his or her estate, his or her family’s situation and his or her goals and needs. Personalized attention is key to achieve, not just a simple transfer of assets that could cause all kinds of disputes and disagreements between the members of a family, but rather the preservation of the estate that allows the family members to be at peace, achieving all their goals.
No matter the size of the estate, drafting a will to transfer our assets is not enough; it is necessary to, with the help of a professional, reflect on, and analyze with a view on continuity over time, the estate that will be transferred and the personal circumstances of each of our heirs; only then will the best path be found, to be prepared and at peace for the only event that is 100% inevitable and irreversible.