A lack of planning can be very expensive. Families are becoming more complex as blended families are more commonplace, and more generations are now involved. A wider circle of family members are being brought into the wealth succession plan, with the next and following generations often having an entirely different view on how to manage their wealth.
If the next generation is not involved in the planning process, or if the eventual wealth allocation does not prove to be what they expected, then very costly and drawn-out conflicts can arise, as numerous real-life cases have shown time and again.
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