One extreme version of this is a woman who is described as using her inheritance to create a company that will give people the ability to measure how impaired they are.
She is doing a great deal of the research and development herself, by personally becoming completely and utterly inebriated through heavy alcohol use and testing the technology.
These are clearly the extremes. Not all ultra-wealthy heirs spend weeks at a time in luxurious locations providing entertainment, drugs and fine wines to a bus-load of hangers on. At the same time, not all ultra-wealth heirs are devoting their lives to a monk-like existence to save the world. Most fall in the great middle ground, as even hardworking heirs enjoy a little relaxation.
However – for estate planning purposes, it is necessary to understand these extreme and plan accordingly. It is the rare dilettante who suddenly decides to feed the hungry and house the homeless. Know who your heirs are, and what they are likely to do with the family wealth, and plan wisely.
Estate planning is your opportunity to control the purse strings, and thereby the outcome, of how the inherited wealth is used.
Visit with an estate planning attorney to learn more.
