You’ve worked hard for several years and the main motivation has been providing for your family. You know that you’ll no longer be around one day and you want your loved ones to have security.
Your children are set to receive a substantial inheritance which should help them get by financially. Nonetheless, receiving a substantial inheritance comes with certain responsibilities.
How can you prepare your children to receive their inheritance?
Knowledge is key
You’ve had a successful career which has allowed you to build a portfolio of assets. You didn’t get this far without being financially savvy. The skills that you have collected over the years will be very useful to your children later on. Passing on your knowledge and experience will help them deal with receiving a substantial inheritance.
Keeping their options open
Money doesn’t last forever, even substantial sums. The inheritance you intend to pass on will help your children get started and stay secure for a while, but you really want them to build their own careers. By stating that inheritance is a platform upon which to build, you’ll encourage your children to be self-sufficient.
Open communication
Your estate plan should reflect your final wishes, but this doesn’t mean your family can’t have input. Make sure you keep your children apprised of your plans and any changes that may arise.
The aforementioned points are merely suggestions, but they could be useful in your situation. Certain estate plan tools, such as trusts and a will can allow you to bring your plans to fruition. When drafting your estate plan, be sure to have legal guidance behind you.