You have built up significant family wealth, through entrepreneurship or otherwise. Now you wish to allocate it in a meaningful way—to empower future generations and set them up for success. You probably have a vision for the sort of impact you would like to have for generations to come, and perhaps have some idea as to what proportion of your assets beyond your needs you wish to allocate to particular family members. However, there are likely complexities to navigate as you plan out the cascading of this wealth. In this article we highlight 3 key mistakes to avoid in the process of distributing this wealth and in managing it once received.

Most wealthy individuals think about increasing their wealth during their lifetime, but spend little time thinking about what will happen to their assets after they are gone or when they are no longer able to make decisions themselves. Estate planning is a task that many of us put off until later in life, but no matter your age or wealth, having an estate plan is among the most important things you can do for yourself and for your loved ones.

Without an estate plan, you have little control over what will happen to the assets that you have worked so hard to accumulate. This article points out the top 3 emotional reasons why estate planning is important, so that you can see the blessings estate planning can bring.