Wealth transfer and estate planning are crucial components of a personal wealth management plan. Unfortunately, fewer than ten percent of Americans have a plan in place.

Many investors believe that unless they have a substantial portfolio, this process is not necessary. But this couldn’t be further from the truth. No matter the size of your portfolio, effective estate planning will ensure that transferring your wealth does not diminish the value of the estate any more than necessary. For smaller estates, probate is the biggest risk to clients and one of the easiest risks to mitigate. When probate is not avoided, time and money will be the cost.

Unless you want someone else — often the state of Utah — to decide what happens to your assets upon your death, you need these services. When you use the Certified Financial Planners™ at Divergent Wealth Advisors, you can rest assured that you’re receiving the best advice available today.

What Is Estate Management?

You work your entire life to bring your dreams and goals to reality. Implementing a financially sound estate management plan helps to ensure that your hard-earned assets are used the way you intended after your passing.

Your CFP® can work directly with an attorney to help create strategies — such as trusts and powers of attorney — to shelter and direct your assets. This helps to ensure that your heirs and beneficiaries receive the assets intact and with as little tax liability as legally possible, allowing them to be used as you intend.

Estate Planning and Wealth Transfer - 3 generations of women

What Is a Wealth Transfer Plan?

If your assets are left undistributed until after your death, your heirs will be forced to endure the lengthy and expensive probate process. Probate costs and taxes can substantially deplete your estate and tie assets up for years.

Instituting a comprehensive plan now allows you to transfer assets while you’re alive and well, either to a specific type trust or through another vehicle. This will ensure that those who depend on you will have access to critical funds upon your disability or passing. Some potential vehicles for achieving this include revocable and irrevocable trusts, AB trusts, life insurance trusts, charitable trusts, gifting trusts, college savings plans and annual gifts.

Legal Aspects of Estate Planning and Wealth Transfer in Utah

At Divergent Wealth Advisors, we advise our clients on the financial strategies of transferring assets and assist them in managing their estates to preserve as much wealth as possible for their heirs.

As important as these details, however, are the legalities of your wealth transfer and estate plan.

We work in conjunction with your attorney and CPA to ensure that your estate and wealth transfer documents are legal and beyond reproach to help minimize any potential conflicts or disputes among the beneficiaries.

Because both your life and the financial markets change year after year, evaluating your estate management plan regularly is critical to ensure that your changing wishes are reflected legally in your plan. Your financial advisor can assist you when your family dynamic changes and when market shifts affect the value or nature of your estate.

In Utah, contact Divergent Wealth Advisors today to learn more about our comprehensive wealth management services, including estate planning and wealth transfer.