Lessons From the Field #3: Prepare Your Heirs
Your passing is certain to happen, but it is likely a long way off, so you still have time to prepare your successors. As you watch today’s 55 seconds, you may want to ask yourself:
When it comes to being responsible for your family wealth, how can your heirs face the decisions you do today if you do not groom them?
You would never allow your child to drive a car without teaching them first!
Yet that is what most people do with their estate plans.
Heirs get in trouble and inheritances disappear quickly because most of them have no idea how to handle it. And the more they inherit, the harder it is.
Wills and trusts are great tools to expedite settling your estate and even avoiding taxes…but without proper training, your heirs are at the mercy of their own inexperience.
Families like the Waltons and Rockefellers give their heirs a fighting chance by going through the trouble of teaching them the family’s affairs…a little bit at a time.
Whether you have millions or billions, there is a vast array of options and decisions that your heirs will have to navigate.
Now really…how ready are your beneficiaries?