- Dec 20, 2019
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I’ve heard it said many times now and in various ways, but the principle is the same: we should prepare our families to receive assets.
Too many times, heirs are unprepared to have a pile of assets dumped into their lap with little ceremony, little communication and little preparation.
What do they do with this newfound wealth? If left unprepared, they might follow the natural human inclination and spend it largely on themselves.
Perhaps we need to rethink the purpose of inheritance altogether.
Too many families take the view that inheritance is a matter of obligation. They believe they are supposed to leave their children something. And not only that, but it is all supposed to be equal—regardless of individual needs or values.
Unfortunately, this mindset of inheritance often transfers to inheritors. They tend to believe that inheritance is a matter of right.
(In a recent study, 55% of Millennials agreed that leaving an inheritance is a duty. Interestingly, this view seems to grow less prevalent the older people are, with only 44% of Xers and 36% of Boomers believing inheritance is a duty.)
But I’d like to suggest the purpose of inheritance is not simply to provide a windfall for our children. Perhaps inheritance is really about equipping our children with values and virtues. Perhaps then, and only then, we might consider a financial inheritance that allows them to enhance the quality of their lives and impact on the world.
So yes, families should prepare the next generation to receive assets. Guided by values and virtue, they can use wealth wisely to make a meaningful difference in the world.
by Bill High, ©2019
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The post Prepare Your Family to Receive Assets appeared first on Focus on the Family.
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Too many times, heirs are unprepared to have a pile of assets dumped into their lap with little ceremony, little communication and little preparation.
What do they do with this newfound wealth? If left unprepared, they might follow the natural human inclination and spend it largely on themselves.
What’s the purpose of inheritance?
Perhaps we need to rethink the purpose of inheritance altogether.
Too many families take the view that inheritance is a matter of obligation. They believe they are supposed to leave their children something. And not only that, but it is all supposed to be equal—regardless of individual needs or values.
Unfortunately, this mindset of inheritance often transfers to inheritors. They tend to believe that inheritance is a matter of right.
(In a recent study, 55% of Millennials agreed that leaving an inheritance is a duty. Interestingly, this view seems to grow less prevalent the older people are, with only 44% of Xers and 36% of Boomers believing inheritance is a duty.)
But I’d like to suggest the purpose of inheritance is not simply to provide a windfall for our children. Perhaps inheritance is really about equipping our children with values and virtues. Perhaps then, and only then, we might consider a financial inheritance that allows them to enhance the quality of their lives and impact on the world.
So yes, families should prepare the next generation to receive assets. Guided by values and virtue, they can use wealth wisely to make a meaningful difference in the world.
by Bill High, ©2019
Back
Next
The post Prepare Your Family to Receive Assets appeared first on Focus on the Family.
Continue reading...
