It is not an easy task to both preserve wealth and to manage it.
There are ways to make sure that your family is an exception to the rule and is able to maintain wealth for generations, according to the Wills, Trusts & Estates Prof Blog in “Preparing Heirs for Successful Wealth Stewardship.”
The key to such success actually seems relatively simple. In practice, however, it can be difficult.
Heirs need to be trained to handle the wealth.
They need to know how to make good investments and how to avoid bad ones. They also need to learn what good uses for the money are and what type of spending would be wasteful.
Perhaps, most importantly, heirs need to know who to turn to for advice.
In addition to educating your heirs on maintaining wealth, an estate planning attorney can advise you on creating a plan that meets your family’s circumstances.
Reference: Wills, Trusts & Estates Prof Blog (June 29, 2017) “Preparing Heirs for Successful Wealth Stewardship.”
