You’ve got an estate plan in order, a will, trust, and a life insurance policy, too. Your bases are covered. You feel confident that your children will have your valuables, but will they have your values?
All of our planning and saving can go up like a puff of smoke if our descendants are not prepared to handle an inheritance. Instead of catching our vision, they can catch “affluenza,” an attitude of ingratitude and entitlement, if we are not careful to transfer both wisdom and wealth.
How we steward what we own affects more than just ourselves. The financial considerations we want to have in place for our family must come second to the preparation of their hearts to receive their inheritance and to steward it well.
Will our children know our virtues and values? Will they be able to comprehend the driving force behind the legacy we sought to live and leave for them?
Values are caught not taught!
We can inspire the next generation by sharing our stories and our “why.” It is up to us to help future generations inherit our passions and feel a part of the legacy that will become their own. When our virtues and values are interwoven in our family and business decisions, they are more easily transferred than if they are just taught. Showing the next generation our heart in all we do helps the wealth transfer be about so much more than just money.
Stewarding our wealth and wisdom transfer is multi-generational. When we mentor our children and our children’s children, we not only prepare them with the wisdom to handle the wealth, but we also enhance communication and trust within our family. This helps manage expectations and helps eliminate the biggest barriers in creating a Thriving Family Legacy—failed expectations, lack of communication, and mistrust within the family.
One of the key questions we can ask ourselves as we reflect on the legacy we intend to leave is: “Will our children and grandchildren still be hugging each other 6 months after we die?”
Good or bad, well-planned or unplanned, everyone will leave a legacy. What will yours be?