Survey Says: Wealthy Families Need To Update Their Estate Plans

A recent survey by Rothstein Kass indicates that many wealthy families who can afford financial offices still have estate plans that are out of date.  Over 3/4 of the estate plans of the ultra-wealthy clients studied were at least three years old.  This was the case even though almost 95% of those families have experienced significant life changes since drawing up their estate plans. 

The survey also found that 53% of the wealthy families interviewed did not have formal asset protection plans and 84% of life insurance plans have not been reviewed in over three years. 

Single-family office executives should help clients understand how important it is to review estate plans. Creating the estate plan is just the beginning–maintaining it allows one to take advantage of more benefits. 

See Karen DeMasters, Estate Plans of Rich Families Out of Date, Survey Says, Private Wealth, Sept. 25, 2012. 

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.