5 Simple Steps To Preserve Your Wealth

Peter Pabich |

There is a lot of conversation around building wealth. But, how do you preserve the wealth you’ve already built? 

This involves many elements however it all starts with a good wealth management plan. With a solid wealth plan, you can preserve your wealth and manage your assets optimally. It lets you manage your assets and estate, reduce taxes, and plan for the present and the future most effectively.

A good plan allows you to handle economic turbulence and land on your feet with minimal disruption. You can also rest easy knowing you're doing all you can to maintain your estate’s value, regardless of your stage of life or your current wealth level. 

But what specific strategies contribute directly to wealth preservation? Here we’ll take you through 5 steps that we see as being essential. 

5 Steps you can take to preserve your wealth 

  1. Be aware of what assets you hold and where you hold them 
  2. Prepare for the future 
  3. Take steps to avoid probate
  4. Gift assets you don’t need to family members 
  5. Enlist the support and expertise of an advisor

1. Be Aware of What Assets You Hold and Where You Hold Them

To preserve your wealth, you must know exactly what you have and where these assets are held. That way it’s easier to monitor everything. 

A part of this includes keeping track of any important documents and creating a filing system that makes it easier to do this. Having a good system in place can also make things easier for your family if something were to happen to you as they would be able to access these important documents quickly and easily. You should also share documents and/or details of where to find these documents with your trusted advisor. This way they can assist your family in the event of an emergency. 

Being aware of your assets also extends to keeping a close eye on your accounts. When you are in the habit of frequently monitoring you can quickly detect any suspicious activity that could result in you losing wealth.

2. Prepare for the Future

When you think of wealth preservation, it’s essential that you think about the future and decide how you would like your wealth managed when you pass away. 

Having an updated will in place is important to ensure that your wealth is handed along to the right people and that your wishes are respected. It’s also a good idea to create a living will where you can stipulate what kind of medical treatment you would or would not agree to if you are not capable of deciding at the moment. 

Creating a will is the first step in your estate planning process. To protect all aspects of your wealth, you’ll want to go one step further than a will and create a comprehensive estate plan that covers life insurance, health care savings and plans, and retirement.  

3. Take Steps To Avoid Probate

To successfully preserve your wealth you also need to think about how you can help facilitate a smooth transfer of wealth when the time comes. That means taking any necessary steps to avoid probate. 

A good way to avoid probate is by titling what you own and adding beneficiaries where possible. Assigning a beneficiary to something like life insurance or an IRA is common and straightforward. However, bank accounts often have a Payable-on-death designation. Some brokerage accounts also have Transfer-on-death designations. These designations are not always utilized but can make the transfer of wealth much smoother. It's also important that these names match the names of your will. 

You should also carry out a yearly check of the beneficiaries on your assets to ensure everything is up to date and change anything if you need to. 

If you fail to title your assets, they could end up going through a possible probate with a court order which adds unnecessary stress to your loved ones at an already difficult time. 

4. Gift Assets You Don’t Need to Family Members

To reduce your overall tax liability, preserve your wealth, and help family members in the process, it’s a good idea to make use of your annual exclusion for gifts. The limits have recently been updated for inflation and in 2024, these amounts are set at $18,000 per individual or $36,000 per couple.

You can reach these limits for multiple recipients, for example, if you have three children and are married, you and your spouse can gift all three of your children $36,000 without having to pay tax or fill this as a gift on your tax return.

If you do exceed these limits you will need to declare it on your tax return, however, you may not have to pay taxes due to the lifetime estate tax exemption. This will all depend on your individual circumstances. 

5. Enlist the Support and Expertise of an Advisor

Preserving your wealth entails many factors and when you’re trying to balance your professional and personal life with all of the day-to-day demands that these things entail, it can be hard to keep track. 

Wealth preservation strategies should also make sense within your wider wealth management plan. 

That is why it’s so helpful to enlist the support of the experts. They can help you understand your unique situation better, help you understand any tax or legal implications, and talk you through options that will work for you. 


As we’ve seen, to preserve your wealth now and in the future, you need to take a holistic view of your circumstances and take clear steps to protect your livelihood. The steps you take will vary slightly according to your circumstances and plans. 

As there are many elements to consider and to balance, getting expert advice can set you on the right path from the start and help you use your time and money wisely. 

To discuss the next steps we recommend getting in touch with your Entrust Wealth Partners advisor. Contact them directly or reach out to us at (860) 838-3730 to start thinking more about how you can preserve your wealth for years to come.