People who inherit a lot of wealth generally fall into one of two categories: those who want to work hard and those who want to pursue their own pleasure. Most families have both types.
Recently, Forbes published an article describing the two general attitudes found in people who inherit wealth. The article is titled "(Some) Inheritors Just Want To Have Fun."
The first type of inheritor described is one who is diligent and works hard to either expand that wealth or ensure that it goes to worthy philanthropic goals. The other type of inheritor is someone who spends their time having fun and partying.
The article describes one woman who is using her inheritance to develop an online technology that will determine how "wasted" a person is.
So, how is the R&D coming along? She tests her technology by getting wasted herself and trying to use the technology.
While the article is accurate in describing the two general types of inheritors, it is worth noting that these are the extremes. Most people will fall somewhere between the two, as even the most diligent and hard-working heirs want to have fun some times.
For estate planning purposes, however, it is important to know about the extremes.
Families who are concerned that someone in the family will be in the “just wants to have fun” camp, will want to use estate planning to prevent or curtail that tendency.
Visit with an estate planning attorney to learn more.
Reference: Forbes (June 14, 2015) "(Some) Inheritors Just Want To Have Fun."
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