There is no limit to the amount of wealth one can accumulate in a lifetime, and there is equally no limit to the amount of wealth that can be lost to death. This is especially true if proper plans are not put in place early enough.
Death can occur without warning, which is one of the other reasons why banks and other institutions ask people to include ‘Next of Kin’ in certain account opening forms.
Life is as fragile as it is unpredictable, and a death could mean the loss of a fortune if not claimed by another. Notably, a deceased person’s personal assets, investments, or properties are sometimes written off to the corporation if there is no one to make a claim.
Various methods can be employed to prevent this, such as estate planning to preserve or ensure property is passed on to loved ones. Estate planning is essentially putting in place a solid structure for the management and disposal of one’s property, revenue streams, and other responsibilities during life
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