I recently came across this advert, which I think speaks for itself.

Bernie, I have no idea who you are, but firstly I feel for your plight. Having witnessed many a family bust up over inheritance, I can vouch from the frontline they are always a miserable affair (and that is just for the survivors). Thankfully rarer, but still more common than one would like, is when the squabble starts during your lifetime.  Frankly, I think I would write my family out of my Will if they behaved that way but please do note there are complications if you want to do this, and professional advice should be sought if you were considering disinheriting close family members.

Secondly, my mind was drawn to thinking of the better ways one might squander the ‘family’ wealth. I say ‘family’ because, for the most part*, your wealth really is your own. Those that consider it a birth right (I mean you, the spoiled children of this world) are quite wrong.

Certainly, if I were Bernie, I might consider going on a permanent 5* holiday and the Solicitor’s Charity does some excellent work.  

However, there are also active steps you can take with your estate planning to try and avoid a conflict. I have written about these before in detail here.

If you are concerned with a potential family dispute either now or in the future, please do not hesitate to contact me directly on 01494 893 533 for further advice.

*These comments do not apply as readily to dynastic wealth. We deal with many families whose wealth has been generated over the course of generations, often within the family ‘firm’ or an associated trust structure, and whose wealth management objectives might involve the stewardship of that wealth for the benefit of generations to come. However, even then, a paramount objective remains to avoid squabbling, so structures such as trusts, foundations and family investment companies are almost always used to retain that wealth whilst (usually!) avoiding conflict.