Your estate plan ensures your loved ones are well taken care of when you become incapacitated or die. However, they may not be ready for the inheritance.
Research has shown that, at times, people who inherit wealth feel guilty and have other negative emotions surrounding their inheritances. And this makes some squander their new-found wealth, subconsciously trying to return to the life they were used to having. Therefore, it’s crucial to help your loved ones accept their inheritance and multiply it as you wish for them
Here is how you can do this:
Talk about the family’s legacy
Discussing the family history and letting your loved ones know what you wish for the future is crucial. If you inherited wealth from your parents, let them know about it and how you have managed to multiply it. If you didn’t, inform them about your hard work and how you wish the family legacy to continue.
When heirs understand their family history and goals, it can be easier to accept an inheritance and make the most out of it.
Show them how they helped you
Guilty feelings may stem from someone believing they don’t deserve an inheritance. You can solve this by showing your heirs how they helped you get the wealth. For example, with your spouse and children, tell them how grateful you are for ensuring you are comfortable and ready to work. With other relatives and your close friends, show them how their support has helped you.
You don’t need to do this when something happens, as this can worry your loved ones. You can throw in thankful messages in your speech during family gatherings or when sending a birthday card, and so on.
It’s always best to help your loved ones accept their inheritance and guide their future. Experienced legal guidance with your estate plan will protect them significantly.