Wealth transfer stewardship
Preparing the next generation for inheritance
Money is a tool we use in our lives, empowering us to reach our financial and stewardship goals. For parents, that often includes supporting our children in their life journeys. One common way is through inheritance: Passing wealth from one generation to the next.
When looking at your own life, ask yourself: Are your children ready for that gift? Will they know how to use it wisely? Do they even know what to expect?
I recently worked with someone who received a large, unexpected inheritance. While it had the potential to change their life for the better, the process started out with anxiety. My client was overwhelmed, afraid of “messing it up,” and unsure where to begin. We’ve made progress together, but the situation might have been smoother with a few proactive steps:
- Talk with your children or beneficiaries. Help them understand what you’ve accumulated and your intentions for passing it on.
- Organize your financial information. Share where assets are held and who to contact. Ask your Everence consultant about our Personal Financial Affairs Directory to help document this.
- Include your consultant. We’re here to assist with all facets of your financial life, and that includes helping your family carry out your wishes.
- Explore their perspective. Many heirs may already be financially secure when they inherit. If that’s the case, the exciting opportunity for making a larger impact on the charities you align with may be something to explore.
If you’re thinking about inheritance planning, know that your Everence consultant is here to support you – and your family – every step of the way.