For centuries there were families that hung in the balance awaiting the king to choose which heir would be the successor. All too often the choice of successor was whispered with their dying breath. When portrayed in today’s movies it makes for great entertainment.
When it comes to your hard-earned wealth do you want to do something that makes for “great entertainment” one day?
A common mistake is to decide now on an inheritance amount to only leave it all at the end of your life. Why not begin giving it during your lifetime so you can see the effect it has on your beneficiaries?
Not knowing how much you need for yourself, and an inadequate test of how long your wealth will last is usually the cause for not doing something now. It also requires thorough thinking, asking the right questions, detailed analysis, and time to consider the best options for the benefit of each family member.
The more thoughtful, thorough, and informed your decisions are about the inheritance issue, the greater the probability that the financial legacy will serve the purpose you intend. Let’s assume the ultimate purpose is for your children to be happy:
- Will simply giving more money actually make them happier?
- How will the intended inheritance create more opportunities for them to flourish?
- Will giving some portion of the inheritance now while you’re able to see the results help you to make better decisions about the impact of their inheritance on their happiness?
Make informed decisions about the inheritance of your heirs and begin giving some amount now. Don’t allow standard estate-planning procedures to make the decisions for you.
Wealth is more than money. Don’t just plan for your future, live it right now.
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“A King’s favour is no inheritance.”
– Polish Proverb