A new study from Barclays Wealth says that 38 percent of wealthy Americans do not trust their heirs to protect their inheritance, although a vast majority – 96 percent – plan to leave their wealth to their children or stepchildren.
The study surveyed 2,000 high net worth individuals from 20 countries and found that 94 percent of those surveyed in the U.S. have wills. Of this group, only 19 percent have ever changed a will, 50 percent have changed a will once or twice, and 35 percent have changed a will three or more times.
Private Asset Trust
Your trust should give you the ability to maintain the original purpose of the trust, and allow modifications to continue correctly. A typical living (family) trust may allow for this, but does not provide for asset protection or privacy. The Private Asset Trust can accomplish planning, protection, and privacy. It's the best solution.
Trust Management Conflicts
Conflicts around inheritances have also played a role in 36 percent of those wealthy Americans surveyed, with multiple marriages and business succession playing a large part in those conflicts.
The Wealthy are More Worried
Perceptions about the importance of inheritance planning increase with net worth, according to the survey, which found that 68 percent of wealthy Americans feel it is important to plan with the help of professional guidance.