Most high net worth families want to leave a legacy to their loved ones, writes Tony Maxfield. What they rarely consider, however, is that children and extended relatives might squabble over their estate.
John, a business consultant who requested anonymity given the sensitive nature of the topic, found himself in the middle of a family feud when his mother passed away a decade ago. Despite the existence of a will that divided the assets of the multimillion-pound estate equally, in-fighting began. "One of the members of our family had signing authority over one of her bank accounts that had a sizable amount of money, which they withdrew after her death," John recalls. "It caused a lot of bad feelings within the family." The draining of the account had been encouraged by the spouse of on...
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