James Bond actor Daniel Craig recently announced in an interview that he does not plan to leave the substantial money he has earned to his daughters, referring to inheritance as "quite distasteful."
However, an American data analytics company estimates that over the next decade $15 trillion of assets will be passed down to the next generation. Economists refer to this process as 'the great wealth transfer'.
Russell-Cooke partner comments in The Times that, away from "virtuous disinheritance", we understand and talk more about what we give when we give money as the last act of parental love. She reminds readers that it is important to have open conversations before they become difficult conversations.
Daniel Craig and the curse of inheriting is available to read on The Times website via subscription.
The Family Office group advise families and individuals on all aspects of private client law including wills, estate planning, administration of estates, trusts and powers of attorney.