BENEFICIARY WELL-BEING AND ENHANCEMENT PLANNING
preparing the next generation
The recently enacted Delaware Trust Act of 2024 introduces significant provisions that will impact planning professionals, Trustees, investment advisors, and their clients, even if they do not have a Delaware Trust.
The concepts and guidelines in this Act will impact anyone involved in multigenerational wealth transitions (including families and all of their professionals) because the concepts described in this Act can be adapted to many other planning and wealth transition strategies and tools.
Here are a few important facts…
Delaware’s Gov. John C. Carney signed the Trust Act 2024 into law on August 29, 2024.
This legislation aims to align with modern wealth management needs by introducing concepts such as the Beneficiary Well-Being Trust, updates to letters of wishes, and expanded powers for trustees to provide beneficiary education.
A Beneficiary Well-Being Trust incorporates educational and developmental programs that prepare beneficiaries for managing inherited wealth responsibly.
Provisions can include educating beneficiaries about their family history, family values, family governance, family dynamics, and family mental health and well-being.
Letters of Wishes allows estate planners and their clients to utilize letters of wishes to communicate the settlor’s intent with clarity, which will be valuable to a family. It also can express nuanced, situational intentions—such as prioritizing specific beneficiaries’ needs.
Are you ready to help your clients and their families benefit from these impactful provisions for generational wealth and harmony? If not, we’re here to equip you with the skills and tools to serve them effectively!
The Heritage Institute is a Community of like-minded trusted professionals who are thought leaders, pioneers, and professionals who do so much more than just advise. We provide training, coaching, and mentoring to professionals and non-profit professionals, which includes enrolling new clients and professionals, building deeper relationships, and building and facilitating collaborative teams of professionals to serve clients.
We are the acknowledged leader in multi-generational wealth planning, which is sometimes called inter-generational planning or family succession planning. We believe that preparing the next generation is key.
To read more about Beneficiary Well-Being and Enhancement Provisions and how it can help you, check out our latest blog articles.
We will be releasing additional articles and scheduling informational webinars that will be more in-depth on specific provisions within the Act.
*By joining the waitlist you will be kept in the loop when webinars and training are scheduled and new materials are available.
Here is a recording of our recent Expand Your Practice webinar: