Estate Planning

As the baby boomer generation continues to age, we stand on the precipice of an unprecedented transfer of wealth. Termed the “great wealth transfer,” an estimated $68 trillion is expected to change hands from the baby boomers to their millennial heirs over the next few decades. This generational shift in wealth presents a tremendous opportunity for millennials to shape their financial futures, address societal challenges, and foster positive change in various aspects of life. In this article, we explore how the great wealth transfer to millennials will help pave the way for their success and make a lasting impact on society.

The influx of wealth into the hands of millennials will undoubtedly bring about economic empowerment. With this newfound wealth, millennials have the potential to invest in businesses, start innovative ventures, and drive economic growth. As digital natives, millennials possess a unique understanding of technology and can harness it to create disruptive business models, drive sustainable entrepreneurship, and catalyze job creation.

With the great wealth transfer, millennials will have increased access to quality education and skill development opportunities. Higher education can equip them with the knowledge and expertise needed to tackle the complex challenges of the future. Additionally, millennials can invest in vocational training, online courses, and mentorship programs to enhance their skills in emerging fields like artificial intelligence, renewable energy, and sustainable development. This focus on education and skill development will enable millennials to thrive in the rapidly evolving job market.

Millennials have consistently shown a strong inclination towards social responsibility and making a positive impact on society. As they inherit wealth, millennials will have the means to address pressing social and environmental issues. They can allocate resources towards sustainable initiatives, fund research for groundbreaking medical advancements, and support causes that align with their values. Moreover, the combination of financial resources, technological prowess, and an innate desire to effect change can drive millennials to become impactful philanthropists and catalysts for social progress.

The great wealth transfer offers millennials an opportunity to reshape economic inequalities. By utilizing their newfound wealth to invest in underprivileged communities, support social enterprises, and advocate for fair economic policies, millennials can contribute to a more equitable society. They can prioritize responsible investments, promote sustainable business practices, and engage in impact investing to bridge the wealth gap and create a more inclusive economy.

Millennials’ familiarity with technology and their appetite for innovation position them as agents of change. The great wealth transfer can fuel groundbreaking advancements in various fields, such as renewable energy, healthcare, artificial intelligence, and clean technologies. Millennials can invest in research and development, collaborate with experts, and support startups focused on cutting-edge technologies. This commitment to innovation has the potential to revolutionize industries, solve complex problems, and shape a sustainable future.

Can you sue an executor? We have written about the importance of Wills. How everyone should have  a Will, to make sure that their assets go to the right people, etc. Have you ever wondered what happens when a disgruntled beneficiary decides to sue the executor of a Will? Is it to get a larger amount of money from a deceased person’s estate? Is it because they felt slighted by an executor? 

The executor is in charge of managing someone’s estate when the person in question passes on. This is listed in the deceased’s Last Will and Testament. The deceased person’s estate and assets are dispersed to the beneficiaries of the Last Will. There are rights that executors have when it comes to dispersing assets, including the right to collect a fee for their time and effort. This is all depending on where you live and what the laws are. Beneficiaries, on the other hand, have the right to request that an executor (for whatever reason) step down from their role, and upon request, receive updated information on the deceased’s estate, including information on the financial details of what was left behind. Again, this is dependent upon where you live. 

If a beneficiary feels that the executor is misappropriating funds from the estate, then the beneficiary may try to sue the executor, who is supposed to act in the best interests of the deceased’s estate. To sue an executor would mean a lot of paperwork and evidence of misappropriating funds. This would include the following: Failure to provide the proper financial statements regarding the estate when asked, delaying the dispersing of the assets without any proper reasoning provided, supposedly favouring one beneficiary over the other, not properly managing the estate, using the assets in the estate to make extremely risky investments, and an executor pretty much failing to meet the legal and financial obligations of his/her position. 

All of these can be grounds for the potential to sue an executor. You can read more, here.

Prince Andrew, a member of the royal family from the U.K., was left “devastated” after learning that he’s not receiving a penny of his late mother’s inheritance. Queen Elizabeth’s estate, valued at 650 million pounds, is passing directly  into the hands of King Charles. Prince Andrew has bemoaned this state of affairs to his friends, lamenting that he has no money leftover to fund his lifestyle in the manner he is accustomed to.

The Queen passed the money from “monarch” to “monarch” as a “tax efficient” way to transfer her inheritance. A source for the royal family flat out denied any wrongdoing on the part of the royal family: “All of the members of the Royal family have had provisions made for them already.” Additionally, the King has been reportedly taking “cost efficient” measures in an effort to save the Royal Family some funds. This includes stopping payments for Prince Andrew’s annual 249,000 pound allowance, as well as eliminating payments for some of his other expenses. A friend of Andrew’s lamented: “What’s he meant to do? Go cap in hand to his older brother to keep a roof over his head? Things are going from bad to worse. It’s a disaster.” One would think that the Prince would have enough money to survive on his own, given the vast network of resources and connections at his hands.

All of this comes at a time of serious  allegations made against Prince Andrew for sexual assault. That may be why Andrew’s accommodation at Buckingham palace was rescinded. He may even lose access to his current place of residence, Royal Lodge. Living in the Lodge would cost a whopping (annual) 30 million in pounds. Andrew’s other request for an “Indian Healer” (valued at 32,000 pounds) to be paid off, was also rejected by the Royal family. 

It is not only Andrew who is apparently devasted by the news; two of his siblings, Princess Anne, 72, and Prince Edward, 59, are also feeling “resentful” for not inheriting anything. In the U.K., there are many families currently struggling to make ends meet, which is exacerbated due to the rising cost of inflation. Many families have no doubt had to “buckle down” and save as much as possible. Given the vast wealth of resources and connections that these three have at their disposal, can they not do the same? 

Unfortunately, the trio may find very little in the way of sympathy for their “plight” among the U.K. population. You can read more about the inheritance issue, here.