5 steps to transfer your wealth with confidence

Step 1: Create a complete inventory of your assets

Every estate plan begins with a simple question: what do you actually own?

Many people know the approximate value of their wealth but have never reviewed it in a structured way.

Yet it is difficult to plan the transfer of assets if those assets have not been clearly identified.

Which assets should be included?

A comprehensive inventory should generally include:

• bank accounts;

• investment portfolios;

• real estate;

• business interests;

• family companies;

• occupational pension assets;

• Pillar 3a assets;

• life insurance;

• valuable personal possessions;

• liabilities and outstanding debt.
  
  

This stage also provides an opportunity to identify any international assets or assets subject to specific rules.

Identifying assets that may require specific planning

Not all assets can be transferred equally easily.

A securities portfolio can usually be divided relatively simply.

By contrast:

• a family business;

• the family home;

• a holiday property;

• an investment property;

often require more careful planning.

In many estates, the main challenge lies not in the value of the assets but in their composition.

Step 3: Understand what the law already provides

Before implementing a sophisticated strategy, it is important to understand what would happen if no specific arrangements were put in place.

Carrying out the statutory succession process

At this stage, it is worth considering who will inherit under Swiss inheritance law by answering these three questions:

Step 5: Review your estate plan regularly

An estate plan should never be considered permanent.

Your wealth evolves.

Your family evolves.

The legal and tax environment evolves as well.

For this reason, estate planning should be reviewed periodically.

Which events should trigger a review?

A review is often appropriate after:

• marriage;

• divorce;

• remarriage;

• the birth of a child;

• a significant inheritance;

• the acquisition of a property;

• the creation or sale of a business;

• a move to another jurisdiction;

• retirement.
  
  

A will drawn up twenty years ago does not necessarily reflect the family situation today.

How can you ensure everything remains consistent?

Over time, the number of documents increases: wills, inheritance agreements, marriage contracts, life insurance policies, pension plans and gifts.

It is essential that these documents are consistent with one another. A beneficiary named in a life insurance policy does not always correspond to the provisions set out in the will. A gift made some time ago may have altered the family dynamics.

Regular reviews help to avoid such inconsistencies.