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Estate planning process vs COVID-19

Estate Planning process according to economipedia is the development of a comprehensive plan in which all of an individual’s financial objectives are determined. In it, the best-coordinated strategies are selected and executed to achieve these objectives.

The main objective of estate planning is to achieve a balance between future resources and future needs.

To carry out good asset management, it is first necessary to have carried out good asset planning.

Estate planning process vs COVID-19

Areas of the estate planning process. It is a service that includes:

  1. Estate planning.
  2. Estate tax planning.
  3. Real estate planning.
  4. Succession planning.
  5. Aspects to consider in estate planning
    Typically estate planning begins with an account of the current financial situation and continues with a forecast of future income, expenses, and risks. That is why we try to estimate:
  6. Current income level.
  7. Forecast of future current income.
  8. Forecast of future current expenses.
  9. Forecast of extraordinary expenses.
    Savings capacity.
  10. Retirement contributions.
  11. Contributions to health insurance (social security, private insurance, etc.).
  12. Based on all these data, savings guidelines are established to cover retirement and other various risks, such as possible discontinuity at work.

Life is not about fearing the storm; it is about being prepared for it when it arrives. – unknown- 

Author of this article: Juan Sebastián Vayas.

It is common for us to ask ourselves. 

Is it worth it to invest time and money in estate and succession planning?

Or simply, Is the estate planning process I currently have efficient and up to date? 

The answer to these and other related questions could be summarized in the following statement:

Succession and estate planning process

Consists of developing a strategy that allows you to protect and enjoy your estate in the most efficient way possible.

The key objective is growth, longevity, and easy succession from one generation to the next.  

COVID 19 has increased uncertainty and we are now more than ever exposed to:

Succession disputes.

Legal disputes. 

Tax increases. 

Information exchanges. 


Property seizures.

Currency devaluations.


Legal uncertainty. 

Chronic diseases, and even death.

The only way to overcome these adversities and minimize their impact is to have a solid, efficient, and (most importantly) updated succession plan.  

So, what are the most successful patriarchs and matriarchs doing to protect themselves to face the impending crisis?

They are contacting their advisors to draft, review, and update existing succession plans.

Also, they are considering important changes in legislation in many jurisdictions.

The effects of nationality.

The size of their estates. 

The location of their assets. 

And their key objectives are to ensure they have the most effective protection and succession plans.  

Basics of the Estate planning process

Family offices are private financial management firms that manage the wealth of high-net-worth individuals and families.

Family offices have a wide range of services, including asset management and investment advice, family business support, private banking, legal and tax assistance, estate planning, and risk management.

Family offices can be run by a single firm or an alliance of firms, and they often specialize in a particular area of finance.

A family office typically has the following characteristics:

  • Family offices are generally large institutions with significant assets under management.
  • They typically offer a wide range of services to wealthy families.
  • Family offices tend to focus on high-net-worth individuals and families.
  • Family offices may be referred to as private wealth managers or family investment advisors.
  • Family offices are usually made up of independent, non-affiliated companies that work together to provide asset management and investment services for their client’s benefit.

Estate planning process services

Estate planning is the process of making arrangements for the future care and ownership of property.

The estate planning process includes creating a will, powers of attorney, health care directives, and financial planning.

It is also important to make sure that your estate plan is kept up-to-date as changes in your life, such as marriage and birth of children, may require changes to your estate plan.

For example, if you are married when you die, your spouse will inherit half of your estate. If you have children who are minors at the time of your death, they will inherit one-third of the rest of your estate.

It should be noted that even if you do not have a will or other formal estate plan in place, you can still take steps to protect yourself and your family.

For example, you can leave detailed instructions about how your body should be cared for if you become incapacitated or even just if you have any final wishes.

How can we help? 

There are many options but the most common structures include private interest foundations, trusts, family shareholder agreements, and business succession plans. 

In conclusion, it is vital to understand that each individual and family has different and unique characteristics.

That said if the goal is to find a solution that works appropriately and effectively.

It is absolutely recommended that each estate and succession plan is tailor-made.  

If you are interested in reading more about us, access our blog. We also invite you to read these articles:

Family offices & succession planning: responsibilities and risks

Benefits of private wealth family planning and management

Choosing an advisor for wealth management

The importance of family offices for wealth management

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