Using Estate Planning to Pass on Family Values

The following is from Ian Driscoll, A wealth of experience to pass on, FT.com, Jan. 22, 2008:

When Doug Regan’s clients imagine passing their wealth on to their heirs, they often experience two emotions: Fear and anxiety. “Fear and anxiety that the money will negatively impact, or not positively impact, [on] their children and grandchildren; fear that money will take away the human driver of achieving success through hard work,” says the Northern Trust executive.***

The wealth management group at Northern Trust has responded to client concerns with a number of strategies, including an intranet site where families will be able to share concerns securely. Already running is “Inspiring Human Capital”, a day-long course that addresses some of the more intangible, non-financial issues that accompany wealth, with an emphasis on values.***

Mr Regan says client feedback has been positive, especially among those who didn’t grow up sharing values but for whom they were self-evident[.]

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.