The power of authorities is another crucial aspect to consider in estate planning for high net worth parents. This refers to the appointment of a trustworthy individual or institution with the authority to administer the estate as per the deceased‘s wishes. This authority is typically granted to a lawyer, a close family member, or a bank. The appointed authority has a fiduciary duty to manage the estate in the best interests of the children and other beneficiaries. They are responsible for paying off any debts, distributing assets, and ensuring that the children‘s financial future is secure. The power of authorities can also include making decisions about the children‘s education and upbringing if the parents are no longer there to do so.

In conclusion, drafting wills and assigning power of authorities are vital steps for high net worth parents to ensure their children‘s future. Lawyers play an indispensable role in this process, providing the necessary legal expertise and guidance. Meanwhile, the power of authorities ensures the responsible and fair management of the estate in the best interest of the children. Therefore, high net worth parents must give due consideration to these aspects to ensure their assets are distributed as per their wishes and their children‘s future is well secured.