© 2024 M&T Bank and its affiliates and subsidiaries. All rights reserved.
Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), Wilmington Trust Asset Management, LLC (WTAM), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through M&T Bank Corporation’s international subsidiaries. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank. Member, FDIC. 
M&T Bank Corporation’s European subsidiaries (Wilmington Trust (UK) Limited, Wilmington Trust (London) Limited, Wilmington Trust SP Services (London) Limited, Wilmington Trust SP Services (Dublin) Limited, Wilmington Trust SP Services (Frankfurt) GmbH and Wilmington Trust SAS) provide international corporate and institutional services.
WTIA, WFMC, WTAM, and WTIM are investment advisors registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply any level of skill or training. Additional Information about WTIA, WFMC, WTAM, and WTIM is also available on the SEC's website at adviserinfo.sec.gov. 
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Investing involves risks and you may incur a profit or a loss. Past performance cannot guarantee future results. This material is provided for informational purposes only and is not intended as an offer or solicitation for the sale of any security or service. It is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. There is no assurance that any investment, financial or estate planning strategy will be successful.
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Identifying and Monitoring Risks

While it’s human nature to avoid uncomfortable discussions, it’s important to openly discuss the risks a successful family may face. Most family dynamics are different, which is why it’s important to customize the approach to your family. It’s critical to get a head start in managing the risk of potential acrimony among inheritors early, rather than waiting until after the current generation is gone.

Setting priorities

You can collaborate to identify and monitor risks to your family’s legacy and determine a proper risk management approach, based on your family’s priorities: growing wealth, preserving wealth, engaging in philanthropy, or a combination of factors. Ideally, the family decision-making process starts with decisions of lower consequence and works its way up over time.

Sustaining spending

Examining the risks of your heirs increasing their spending in anticipation of an inheritance and after receiving one is an important practice. Your family should consider the sustainability of spending in different economic environments, as well as the desire to leave assets for future generations. “Sudden money” is not just a problem for lottery winners; unprepared heirs face the same challenges and outcomes.

Managing discord

Risks can also emerge if inheritors don’t feel they are being treated fairly. Families need to be on guard for any potential disconnects between anticipated inheritance and reality, as well as possible discord among multiple inheritors receiving unequal shares. With the help of an advisor, you may want to discuss how and why you have determined inheritance allotments.

Contact

To determine how Wealth Compass can help meet your objectives, please contact National Director of Family Legacy Strategies Marguerite Weese or your Wilmington Trust advisor.

The Wealth Compass series is provided for educational purposes only, providing a high-level introduction to investing concepts and terminology. It is not intended to provide all of the nuances of strategies that may be available in the marketplace; thus descriptions of features, risks, and potential benefits are intended to be generally representative and not comprehensive.

Similarly, this material is not intended as an offer, recommendation or solicitation for the sale of any financial product or service or as a determination that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any investment strategy based on the investor’s objectives, financial situation and particular needs. The investments or investment strategies discussed herein may not be suitable for every investor. There is no assurance that any investment strategy will be successful.

Opinions, estimates and projections constitute the judgment of Wilmington Trust and are subject to change without notice. Third party information incorporated into these materials has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed.

Investment products are not insured by the FDIC or any other governmental agency, are not deposits of or other obligations of or guaranteed by Wilmington Trust, M&T, or any other bank or entity, and are subject to risks, including a possible loss of the principal amount invested.

Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC.

©2024 M&T Bank Corporation and its subsidiaries. All rights reserved.