You know of course your will can be challenged.
Why is it that 3 in 4 people are likely to experience a will, inheritance, or probate dispute?
That means beneficiaries are not happy. They may feel the distribution is unfair.
3 in 4 is a daunting number, as it could lead to your will being challenged. That is something you never intended when you drafted your will.
There is another unknown statistic. How many beneficiaries feel aggrieved, mistreated, and hurt but do not move towards a dispute? They stay silent, but nevertheless, the damage is done.
How would you feel if you were cut out of a will, or if the distribution was unfair? You may accept it, but you still remember. Perhaps for many years.
Is the fault just poor drafting? Do you blame the lawyers? In our experience, this is not the case.
With divorces and multiple marriages, it can become heart-wrenching how to make your will fair. And no matter how much time and effort you invest into making the right decisions, they may still not feel right to your beneficiaries.
Fortunately, there is a solution. The focus is on the word conduct.
There is a difference between designing an estate plan and a succession process compared to a will. Often the estate plan and processes are not legal documents. In their simplest form, they are a statement of wishes that create a framework for the legal documents, a will, power of attorney, living trusts etc. But without the framework, beneficiaries can sometimes feel an unfairness. It is why 3 in 4 people may encounter disputes.
In fact, the estate plan and succession process create a learning environment to give beneficiaries the opportunity to grow wealth. How would you feel if your wealth was the foundation for something bigger. Very few individuals when passing on wealth like the idea of spendthrift beneficiaries, which is why so often the saying clogs to clogs in three generations sadly persists. As such, your legacy is not just the transfer of wealth, but a legacy of how to manage wealth through stewardship principles.
Our role in the process is to help your beneficiaries learn from you and to help them grow wealth for successive generations.
Good conduct is therefore at the core which uses the principles of adaptive competence.
This is why talking to The Wealth Coach will help you transition wealth with a powerful legacy.
Learn more here.