Gender, wealth, and inheritance

An essay on Slate.com considers various aspects of inheriting wealth. The female writer discusses the expectations and burdens of a family's presumed dynasty, especially how things like "philanthropy, longevity, and serial marriages begetting multiple heirs have eroded patriarchal estates."

In the end, the trouble and heartache may outweigh the financial benefit of the estate. This is especially true if the will or trust was not well planned. Consider the following excerpt:

Economists say there are four bequest motives: accidental, egoistic, strategic, or altruistic. People leave money to others because they are bighearted, manipulative, self-centered, or disorganized. Endowing a middle-aged offspring's undercapitalized retirement is not on the list. As my contemporaries take, well, stock, I hear frequent tales of affluent fathers lacing their legacies with dissension, hurt feelings, or misunderstanding by passing on assets in an ungenerous or disorderly manner. Unsettlingly, their daughters find themselves unraveling wills, insurance policies, and asset preservation plans rather than simply mourning their parents.

Based on her experience, the writer recommends personal financial independence as the key to a secure future, rather than relying on a family windfall. Good advice for everyone no matter our stage in life.

(Photo by Eleaf; used by permission.)