US Trust recently released Insights on Wealth and WorthTM , the findings from a survey of high and ultra high net worth Americans. Below are a few highlights.
- The most important measures of personal success / self worth are the quality of relationships with family and the success of children
- Two-thirds are concerned their children will not be able to handle the inheritance left to them
- Only one-third believe strongly their children will be able to work together on family wealth decisions after the previous generation is gone
Sound familiar? Remind you of your family?
Advisors often ask my opinion as to why the majority of families fail to plan or implement their planning. My response is always two things –fear and hope.
Any time there’s a significant gap between what we value and what we do, we will find the presence of fear and a deficiency of hope.
It’s natural to have anxiety about the unknown. We don’t know what to expect. Contrary to popular belief, a certain amount of anxiety is actual helpful. It gets our attention, makes us alert, drives us to prepare, and calls us to respond. But when anxiety builds, fear sets in and keeps us from taking action.
What fights fear best? Hope. Hope that the required skills can be developed, the needed assistance can be obtained, the preferred outcomes can be promoted, and the desired impact made.
Don’t let fear rob your family. Build hope through actively planning and creating your family legacy.