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V O L . X X X N O. X V § 2 J U LY 8 , 2 0 2 4 8 Bergeron's steps for estate planning A will or trust: is document is crit- ically important so that your heirs are able to inherit without large legal fees, long time delays, or burden- some court filings. Without these documents, distribution of wealth is left to the courts, which takes control out of the family's hands and rarely works out as well. Durable power of attorney: "We like to say to clients that a will is important, but you only need it once," he says. A power of attor- ney, on the other hand, could be more important as someone may need the document multiple times over many years. is power allows someone to help people make legal and financial decisions when they either don't want to or can't make them on their own. Durable power of health care: In the same way, if a person cannot or does not want to make health care deci- sions on their own the durable power of health care allows a chosen per- son or loved one to make those deci- sions for them. Planning allows families to nav- igate the unexpected and follow through on the wishes of the deceased. In the bigger picture, the upcoming wealth transfers could have a domino effect as money, control, and business power change hands through the generations rapidly. Creating a plan in the present will provide security for the future. "Many of our clients are part of the very fortunate group of humans who enjoy intelligence, good fortune, good family, good health, and a long life. Sadly, life doesn't always work out that way and many people are forced to deal with real struggle, unplanned expenses, and even death," Bergeron says. "While we can't eliminate the challenges that life throws at us, with planning, we can at least try to mini- mize their impact." S l o a n e M . P e r r o n , a f r e e l a n c e w r i t e r , c a n b e r e a c h e d a t e d i t o r i a l @ m a i n e b i z . b i z » C O N T I N U E D F RO M PA G E 6 F I L E P H O T O Gary Bergeron, executive director and a family wealth advisor at the Breakwater Group at Morgan Stanley, warns clients not to overlook the will. While we can't eliminate the challenges that life throws at us, with planning, we can at least try to minimize their impact. — Gary Bergeron Family wealth advisor S O U R C E : Forbes, February 17, 2022 INHERITED WEALTH CONCENTRATES AMONG THE ULTRA-RICH (IN BILLIONS OF U.S. DOLLARS) Cumulative expected wealth transfers until 2030 by world region and wealth tier $5 – $30 million $30 – $100 million $100 million plus North America $4,233 $2,335 $4,042 Europe $859 $509 $2,214 Latin America & Caribbean $107 $65 $345 Middle East $164 $105 $335 Africa $78 $48 $96 Asia $647 $298 $1,595 Pacific $92 $63 $117