Summer Edition 2018

PROMOTION
and suddenly transparent wealth planning can seem
extremely daunting.
It’s also challenging to find a time to have this
conversation. Often, it’s put off or avoided
altogether. Sometimes, the grown-up conversations
can’t wait until they’re grown up. One way to
approach this is by using a significant life event, like
major birthdays or a child leaving for university, as a
marker for having the discussion.
Before you begin such difficult conversations, it’s
important to have a game plan. Do you know the
purpose of your wealth? Does your vision align with
the visions of your family? Make sure you know
your own wealth plan before speaking with your
potential successors.
3. Sharing plans for preservation
It’s also important to consider your family’s opinions
towards wealth and it’s preservation. A good
starting point is to think on whether they have a
shared interest in continuing the management of
their wealth together.
Before having a more formal “sit down” about
succession planning, instead find the time to speak
to your family to determine how they would
consider managing wealth in the future. Often,
insights into your family’s thoughts on wealth
preservation can be gleaned through informal
conversations with your loved ones.
Consider their thoughts on the future and think
about incorporating aspects of their approach into
your own vision for your future wealth.
4. Vision into action
Once your family’s attitudes towards wealth
preservation are known, put a plan in place to
actively work towards that future vision. Consider
writing it out together to ensure you’re all on the
same page. This plan should not only outline future
wealth preservation goals, but also ways to maintain
the family’s current wealth until it is passed on.
If you’re interested in learning more about
structuring your wealth for the future, please go to
www.hsbcprivatebank.com to find out more.
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