The Mack Podcast Why Every Family Office Needs to Conduct a 'Death Audit'
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Mar 26, 2025 Kerri Scott, an executive at a Dallas family office specializing in wealth growth and estate tax planning, dives into the innovative idea of a 'death audit.' She discusses how simulating a wealth owner's death can reveal gaps in estate planning and emphasize the importance of documenting institutional knowledge. Kerri highlights the significance of open family discussions about assets to avoid disputes and the need for thorough asset reviews to ensure compliance and smooth transitions. Her insights reveal the complexities of effective estate management.
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Death Audit Reveals Hidden Strategic Gaps
- A death audit reveals tactical and strategic gaps beyond paperwork, prompting governance and distribution reviews.
- The process often uncovers planning opportunities and modernization needs missed over decades.
Simulate Death To Unlock Planning Choices
- Simulate the wealth owner's death now to review ownership, control, and structure while they can choose changes.
- Use the exercise to fix irrevocable plan problems before you are forced to administer them under constraint.
Do One Deep Audit, Then Regular Updates
- Do a full comprehensive death audit once (takes ~year), then update routinely every 1–3 years or after major events.
- Use triggers like hiring a new executive or changing family dynamics to prompt another full review.