Leaving port with no plan, trusting serendipity to deliver a great cruise, only works in familiar territory. For a more complex voyage, every mariner will be prepared for issues like depths, tides and currents, weather and where to get a meal (and a cocktail!). Often, the more you plan, the better your trip will be and the better equipped you will be to navigate unforeseen occurrences.
Many yacht owners who dream of passing their vessel on to future generations will recognize the importance of a conscientious estate plan—but may be surprised to learn that many estate-planning approaches do not fully account for unforeseen complications with managing passion assets. Neglected estate plans can easily become outdated, leading to unpleasant surprises for heirs. Proposed tax-policy changes further complicate the estate-planning process and underscore the importance of revisiting your plan regularly to avoid creating unintended consequences. Some common problem areas that our experts see all too often include:
Stress Test Your Plan
Stress testing your estate plan will give you a clear picture of how its elements will unfold to ensure your lifetime, family and philanthropic goals will be fulfilled. Northern Trust has a proprietary approach to stress testing estate plans that can identify any surprises ahead of time. This process complements your estate-planning process, in close coordination with your attorney, to ensure your plan will play out as intended.