It isn’t as odd – or cold – as it sounds: many people want to exercise a measure of control over estate and heirs after they’ve died.
So much hard work, sacrifice and talent goes into building riches over a long life, it’s reasonable to fear the outcome when it passes into the hands of descendants. Because we know what they’re capable of – the record shows how easily and frequently handed-down wealth is squandered.
Some financial advisors are against it. While the evidence suggests that succeeding generations can’t be trusted, adding the dreaded ‘layers of regulation’ may not be the correct course. Attaching a long list of codicils and qualifications to your will may do nothing but entangle your heirs in requirements that don’t match future market conditions (whatever they might be) and indeed may be simply too hard to fathom.
So how do we reconcile it? Our linked author believes the first step is to plan for the worst, always a sound recommendation. If specific concerns about a particular heir raise your hackles, address them directly. Don’t let a loose cannon onto a deck crowded with valuables – rope them down strongly. A carefully constructed legacy or other plan can provide for the dopey-yet-beloved, while preventing catastrophic damage.
Most families have at least one child who can be trusted, even if the others are right off their rockers. If there isn’t anyone – if the dears are all unsteady in their platform shoes, then hire someone outside the family to manage your estate post-mortem – a tough, seasoned professional. Go then to your rest, and take comfort in your final slumber, knowing that in life, you did your fiduciary duty to loved ones.
For more information, please read:
How To Control Your Estate From The Grave | Forbes