Pitfalls, paralysis, and the psychology of inheritance

Over the coming decades, trillions in assets will be passed on to younger generations in the Great Wealth Transfer. The human behaviour surrounding inheritance is just as interesting as the money being passed on. It involves complex conversations, the handing over an identity, family expectations and emotional strain. Decisions have to be made when people are not at their best. Behavioural biases have left many inheritors regretting how they used their inheritance. Some people do nothing with it out of fear of making the wrong move, whilst others feel bad about changing something passed down....