Think about the many companies that have survived for decades. Think about the generations of individuals that have owned and worked at those companies. Those companies would not have been able to survive without proper planning. The founders of those companies wanted their business (their legacy) to pass onto future generations. Estate Planning allows families to pass on their legacies (assets) to future generations.
In Barbados particularly, there are some companies that have been in operation for many years and still operate successfully. That longevity and success is due to good estate planning. Someone or some persons with the authority took the time out to sit down with a legal professional to determine what will happen to the business and the assets in the future.
Estate Planning allows the property and other assets of individuals and families to be preserved, even with the occurrence of external factors such as recessions, natural disasters and pandemics. Estate Planning also protects the present and future generations of family members from those who have nefarious and fraudulent intentions.
In short, Estate Planning:
- Allows assets to be passed to future generations;
- Preserves assets throughout generations; and
- Protects the present and future generation from becoming the victims of fraud