The Emotional Challenges of Leaving Money to a Spendthrift Heir

Perhaps the most common reason for wanting to control a legacy is a spendthrift heir. Giving a chronic over-spender an inheritance in hope that it will help change their money behavior is almost always magical thinking. Most lump sum inheritances disappear within a few years in the control of an over-spender. Does it make sense to leave inheritances with strings attached? My typical answer is “it depends.” It’s natural to want your legacy to be used wisely but trying to control from beyond the grave can have unintended consequences. Read more here.

 

Related Podcast

Scroll to Top