Women are appointed to trillions of trillions to transfer the great wealth. Are they ready for that?
Good morning! The Trump administration wants to reject the lawsuit that restricts access to birth control pills, and it may harm the end of the tariff gap, and a new UBS report finds that women are having obstacles in transferring great wealth.
– Talk to it. Women are scheduled to receive tens of trillion dollars in the transfer of great wealth, which is already passing the assets that can see up to $ 105 trillion over the next two decades. Women not only inherit wealth from their parents, but many will become the only decision makers to the wealth of their families after widow. Baby Boamer women alone will receive approximately $ 40 trillion of partners in the coming years, according to UBS.
Although there is an increasing awareness of the transmission of great wealth over the past few years, one aspect of the non-transmitted aspect is whether the heirs, especially women, are ready-from the logistical or logistical aspect or not.
To find out, UBS took a look at three groups of women: those who have already inherited their parents, those who expect to inherit from their parents, and those who expect full control of their families’ wealth.
In a report on Wednesday, UBS researchers found that 80 % of women who inherited from their parents and 83 % of widows faced a “challenge to wealth transfer”, whether they do not know how much they will receive or not know whether their parents or spouses have a will. Half a surprise, such as a larger tax bill or family tension.
UBS finds that many of these challenges could have been prevented if the parties involved continued on their real estate plans. Many do not discuss financial affairs with their parents, spouses, or other donors before it is too late, and leave them without information they need to manage their new wealth appropriately. This includes, at the basic level, informing them that they will inherit, but also things like calculations and where are located.
Carrie Shofman, head of the woman’s wealth at UBS, says that one of the ways to rid the topic with parents when the money is usually discussed is to do this through a conversation about vision and values. In the future heirs can ask their parents what they want to be their legacy.
“These conversations can be unbelievable in the start of the conversation,” she says. Next, it may be easier to move to what Shuffman calls the basics of wealth transfer. “Focus more [on] What do you do in death. For example, where their accounts are found and their reliable consultants. “
Although couples are expected to share the financial statements with each other, this conversation can be difficult for countless reasons – one does not want to think about the death of their partner, but unfortunately, this cannot make this more difficult to move.
“Women can emphasize that the discussion” only in a state “can benefit both spouses, which gives them all peace of mind.” “We all want to know that if something happens to us, the people we care about will be fine.”
Real estate planning is a topic that I was covering regularly because our financial life becomes more complicated. Here are some resources if you are working on your own plan:
–Why shouldn’t the first step in your real estate planning process be the formulation of will
–What celibate and the child needs to know about real estate planning
–Planning your whale? Decide who gets your passwords – and who will burn your magazines
–Why should the inheritance be a faucet – not a firefighting body, says a wealth director
–If you inherit a million dollars – or any amount – this is the first thing you must do, the financial plan says
Alisia Adamik
Alicia.Adamczyk@Fortune.com
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This story was originally shown on Fortune.com
