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Having to say goodbye to a loved one is never easy—and if you are authorized to make financial decisions on his or her behalf, you may face even more challenges. Closing out someone’s personal, financial, and legal affairs while grieving their loss can be stressful, so consider using this checklist as a step-by-step guide to help stay on track.

At some point on your family journey and through the key life stages, you may take a step back and realize the wealth and legacy you’ve created are going to live on for generations. As you begin to reflect, you can look to the legacy and estate planning guide in this Digest as a starting point. You’ll also find helpful checklists, thoughtful questions, and perspectives to prepare for the generational transition—including how to talk with your heirs about their inheritance.

Families of wealth often want to help their relatives financially but are justifiably concerned about what those individuals will do with the money and how having access to significant sums might affect their values and behavior. While making family trust distributions is a way to provide discretionary income, it’s a framework that gives the trustee control over when and how much money to give to a beneficiary. However, that process is not collaborative.

For high-net-worth individuals, the art of wealth transfer extends beyond merely providing financial assistance to future generations; it’s about strategically positioning the next generation for personal success and knowing how to navigate a complex landscape of income, gift, and estate taxes. And when it comes to providing assistance to help loved ones achieve home ownership or favorable living arrangements, determining the best approach will require consideration of several factors that also include the tax implications and consequences.