There are countless people around the globe who amass fortunes over decades via hard work and dedication. Then ultimately, we all have to face the hard reality that life is not forever, for anyone! As hard as many try, there is an inevitably to our lives that we have to face and these days people are planning for this more than ever, preparing the next generation for what is often a big responsibility.
I know of property owners who over decades have bought up neighboring properties to create what has to be one of the most important properties with truly exquisite gardens that require an enormous level of dedication and hard work with highly skilled teams focused on maintaining everything. What happens to this when they can no longer manage such an enormous responsibility?
Do the children take over? Do the children want to? Yes, big, complex properties are wonderful and the wealthy can afford 'teams' to take care of most things. But like all big projects, leadership is essential. Yes, you can sell these properties and move on and often this is what happens.
But, if you want a big, important property to remain in the hands of a family, it's essential to structure things early, educating the next generation to exactly what it takes to maintain and nurture them, setting up both the infrastructure and the people. For many, a big responsibility becomes a burden.
What if there are multiple siblings and all want that one home? Clear, specific, updated and signed wills are essential. Yes, inheriting millions sounds wonderful, but being fully equipped to handle that new responsibility takes time and dedication.
When it comes to real estate, I advise my clients - early - to start planning succession. It's simply a part of life and the life of any home.
Ken interprets market data, staying in constant communication and offering valuable insight that then translates into an informed decision.
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