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How to prepare your heirs for their inheritance

On Behalf of | May 29, 2023 | Estate Planning |

Estate planning allows you to protect your loved ones when you die. They can inherit your assets, allowing them to have a comfortable standard of living while preserving your legacy. Unfortunately, this may not happen. Research shows that a significant percentage of people who inherit wealth feel guilty.

The guilt of inherited wealth is not widely discussed as it may be viewed as a lack of gratitude. However, people experience it, and some go to the extent of wasting their inheritance to overcome it. But you can help your loved ones handle inheritance better.

Here is how you can do this:

Talk about the family’s story

It helps when your loved ones understand how you accumulated the wealth. If it’s multi-generational wealth, let them know about their predecessors’ work, values and responsibilities. They should also learn about how you multiplied the wealth you inherited to the legacy you’ve created now and how you would wish this to continue.

If you started from scratch, let your loved ones know about your hard work and how you wish your wealth to be multi-generational.

Hold family events regularly

You should consider having family gatherings a few times a year to have a strong bond with your loved ones. You can catch up and talk about the family’s growth. When heirs feel close to you, it can be easier for them to accept your inheritance. 

This may not be the case if you rarely spend time with them. Upon inheriting, they may feel they don’t deserve the wealth, which can lead to guilt.

Inheritance guilt is a serious matter that can defeat your intention of protecting your loved ones. Thus, it will be best to prepare your loved ones for their inheritance. You may need legal help to make informed decisions.