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Helping People Age with Dignity

Concerns about how much to leave to loved ones

One of the decisions that will generally come before a person when they are getting their estate plan in place is how much in assets to leave to their various loved ones. There are many different concerns a person may have when it comes to the issue of how much to leave to loved ones. One thing they might be worried about is that they will end up leaving a beneficiary more than is ultimately good for the beneficiary.  

This can be seen in a recent survey of high-worth parents. All of the respondents were individuals who had at least $5 million in investable assets. In the survey, the respondents were asked questions about their plans and concerns regarding what will ultimately happen with their assets. 

Nearly half of the respondents (46 percent) said that one of the things they are concerned about when it comes to the eventual distribution of their assets is giving/leaving too much money to their beneficiaries. One of the things that a good portion of respondents identified as a hallmark of an inheritance/gift being too high is if it could give the beneficiary a temptation to fall short of their full potential.

Of course, having concerns about what effects the specific terms of one's estate plan could have on one's loved ones is not something that is limited to just the very wealthy. People of all income and asset levels may worry about whether their loved ones will benefit the way they want them to from gifts they leave them in their will and other parts of their estate plan.

There may be things a person can do to put their estate plan in the best position possible for it to achieve the goals they want it to when it comes to their beneficiaries. Attorneys can help individuals with their efforts to get their estate plan in proper alignment with their goals for the estate plan in regards to their beneficiaries.

Source: Accounting Today, "Wealthy Parents Worry Kids Will Squander Inheritances," Michael Cohn, May 1, 2015

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