Beating the OddsBeating the Odds

Sara Hamilton

As advisors to wealthy families, we have a responsibility to help clients plan for the future and prepare for unpredictable events. The start of a new year is the perfect time to begin discussing a more intentional planning process that families with multi-generational wealth should consider. We've all heard the nightmare scenario of the wealthy matriarch or patriarch who dies unexpectedly with a will that's so outdated that all of the assets go to a long-ago divorced spouse, leaving the current spouse without resources or recourse. As advisors, none of us want this to happen to any of our clients.

This scenario stands out because it's a concrete example of failing to ensure that financial assets are properly bequeathed — an ...