Mary and Raymond came from a humble background, through their successful building company the couple have amassed significant wealth over their lifetime. They have three children; Imelda, Grace and Robert. The couple are in their 80’s and Raymond’s health is failing, while they have a will they are worried that it doesn’t really address some of their concerns.
Imelda is married, has two children and the family appear happy and successful. Grace is married to Michael and, while they love their son-in-law, they have concerns around his financial management. He has a business that seems to be heavily in debt and has an uncertain future. Robert, their son, has never married and has had periods of addiction to both alcohol and drugs, he’s well now but they worry he may fall back into his old ways.
The couple’s will divides their assets equally between the three children, the way they had always wanted it to be. However, they want to understand what options they have to ensure all their hard work and subsequent wealth will not be wasted.
Mary and Raymond recall that their adviser at Treysta has mentioned, several times, that they should re-look at their Estate Planning. They book an appointment to understand their options:
- What happens if we leave money directly to our daughter and her husband goes bankrupt?
- Our son has an addictive personality, we are concerned that if he inherits a considerable sum of money that he may waste the money and harm his own well-being. Is there a way we can protect him from himself?
- Our children all get on, we want to treat them equally but they each have different circumstances. Is there a way to ensure this is all covered in our will or another way?
Their advice team has experienced many family dynamics and so there isn’t much they haven’t seen or come across. Most couples over-estimate their children’s ability to behave well when it comes to inheritance, but experience suggests that the best way to ensure your children remain on good terms and get the most from their inheritance is to have exceptional Estate Planning arrangements. Post their meeting Mary and Raymond came away:
- With confidence that they can indeed treat their children equally while at the same time putting in specific provisions that are in the best interest of the individual child.
- An understanding that they can protect their daughter’s inheritance from the threat of bankruptcy.
- A sense of relief that they can leave their troubled son his fair share of the money while protecting him from himself.
What’s your Money Moment?
Share your moment with us.