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– Talk to it. Women are expected to be tens of trillion dollars in the Great asset transferThe transfer of assets that are already in motion that could change up to 105 trillion dollars over the next two decades. Women will not only inherit the wealth of their parents, but many will also be the sole decision -makers for the prosperity of their household according to the widow. According to UBS, baby boomers alone will receive almost 40 trillion dollars from partners in the coming years.
And although there has been growing awareness of the great transfer of assets in recent years, an interrupted aspect of whether heirs, especially women,-emotional or logistical-fors are prepared or not.
To find out that UBS has looked at a look at three groups of women: those who have already inherited from their parents to inherit those who expect to inherit their parents and those who are widowed and expect to receive full control over the assets of their budget.
In a report on Wednesday, UBS researchers find that 80% of women inherited by their parents and 83% of the widows of a “property transfer challenge” stood whether this does not know how much they receive or not know whether their parents or spouses had a will. Half experienced 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 had communicated through their estate plans. Many do not discuss finances with their parents, spouses or another benefactor before it is too late and leave them without the information they need to adequately manage their new assets. This includes on a basic level that you will inherit, but also things like the accounts and where you are.
Carey Shuffman, head of the wealth of women at UBS, says that a way to formulate the topic with the parents is usually not discussed, is to do this with a conversation about vision and values. Future heirs can ask your parents what You want your legacy to be.
“These conversations alone can be incredibly valuable to start the conversation,” she says. Then it can be easier to pass into what Shuffman calls the basics of the transfer of assets. “Focus more [on] What to do in the event of death? For example, where your accounts are and who your trustworthy consultants are. “
And although couples are expected to share financial data with each other, this conversation can be just as difficult for countless reasons – you don’t want to think about the death of your partner, but unfortunately this cannot be more difficult to navigate.
“Women can emphasize that they” only benefit both spouses in case “discussion and give them every soul peace,” says Shuffman. “We all want to know that the people who interest us the most will be okay if something happens to us.”
Property planning is a topic that I have treated more regularly because our financial life becomes more complex. Here are some resources if you work on your own plan:
–Why the first step in your estate planning process should not be to create a will
–Which individual and children -free people need to know about the estate planning
–Are you planning your estate? Decide who your passwords get – and who burns your magazines
–Why the inheritance should be a tap – not a fire brigade, says an asset manager
–If you inherit 1 million US dollars or any amount – you should do the first to do what you should do, says financial planner
Alicia Adamczyk
Alicia.Adamczyk@Fortune.com
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This story was originally on Fortune.com