Estate planners may dream of landing wealthy clients, but that does not mean that all wealthy families have top-shelf estate plans in place.
SEI Investments Company, Oaks, Pa. (Nasdaq:SEIC), talks about wealthy families’ lack of preparation for the passage of time in a summary of results from a survey of about 100 individuals from families with an average net worth of about $20 million.
Only 46% said they have a comprehensive wealth transfer strategy or plan in place, and 38% said they have nothing beyond preparing a will. Another 8% said they have not even prepared a will.
SEI found a large gap between plans and expectations: Even though the majority of the survey participants have not determined how they will pass wealth on to family members, 80% expect to do so.
- Allison Bell