taking it easy
Beneficiaries will naturally be of differing characters and persuasions, some better formed and informed than others. They come in many shapes and sizes and can range from the very spoilt to the fairly sensible. The process of shaping and fashioning their characters does not stop at the end of their formal education but continues thereafter and there is no reason why that should not continue after your death or indeed your lifetime
If you are leaving substantial wealth it is all the more incumbent upon you to make sure that those who have the benefit and stewardship of that wealth should have the necessary educational, financial and other skills to make sure that the best part of your wealth is used for the best of purposes.
Your professional advisers should be made aware of more than just the beneficiaries names and ages. They should grow to know each other well. This hopefully enriching relationship, will allow them to better advise on suitable Incentives and possibly much more.
The value of a family is not just in its financial wealth but also its human and intellectual capital. Including also the skills and accomplishments that a family has and how well the members of the family connect and bond with each other, together with the social compact between the generations. All these and other pertinent factors matter greatly when considering how best to decide on incentives
The person developing the estate plan should bear the overall wealth and attributes of the family in mind, so that a will is created which fashions and preserves the family ethos for the good of all.Family here refers not just to fathers, mothers, children and grandchildren, but may extend to uncles, aunts, nieces, nephews, cousins etc depending on the family and what bonds exist.
For example a good incentive could be for a member of the family to propagate the family ethos and its bonding by arranging regular gatherings and also creating an online presence where interaction may take place. A combination of these and others would much to ensure a sensible use of the wealthThis is just one example .Across this work numerous such Incentives have been suggested.
The idea is that if bonds exist, Incentives may strengthen such bonds. And if bonds do not exist then some may be created
Relationships
Those making wills will have different relationships to consider. That of being a parent, grandparent, an uncle, a cousin , a friend etc. Reword as repeat from earlierThere are many couples and people who do not have children and Incentives are a good way of including nieces, nephews, cousins and others within the ambit of your estate planning and to create suitable Incentives for their benefit.
There is no reason why you cannot benefit close friends and their children and others near and dear ; they might welcome the benefit of your good sense and your reward.Education
Get them involved in the work you do from a young age otherwise parents are seen as remote. Swedish thriller inner circle give examples
This is people so cover testators
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Trustees
Advisers
EtcThe state is also a person with a prior claim on the estate
Most children of the rich do not really “ work”DiscussWhat does work involve as if affects the majority of people. Mostly people who may grow to like their work but in most cases working to earn money to pay for living and eatingSince the rich really only have to worry about where to sleep or eat . As long as reasonable comfort is to hand much else can be waivedExamine what people do and have must existThese interests may be relative but a resonable person should not have an abundance of extravagances and certainly they should not be provided as part of your estate planThis would be a waste of your wealth and runs the danger of spoiling your heirs
Print the wondering writings and place them in blogs so that the site text is plain simple clear and to the pointBut the wondering throws up ideas