The lunches are made, the backpacks are packed. You’ve successfully sent your child off to meet the challenges of school. It is in school where they will learn to read and write, to socialize and learn how to navigate friendships. Our role as parents is to teach our children the skills learned outside of the classroom – life skills; how to face disappointment, right from wrong, and how to manage money, just to name a few.
In the case of managing money, have you ever asked yourself what your child would do, what would they pursue, if they were to inherit a large sum of money?
Covie Edwards‐Pitt, the author of a book called Raised Healthy, Wealthy & Wise, says there are four critical skills children must develop before they receive an inheritance from parents or a trust. They are:
- The ability to earn their own money and live off what they make. Children raised with wealth feel they are the most successful when they earn enough on their own to support themselves without the family money.
- The ability to set and pursue their own work goals. Children of wealth who are encouraged to find work they enjoy are much more likely to find satisfaction in that work.
- The ability to develop self‐worth that is separate from family wealth. Children who develop a core identity based on their own accomplishments and the choices they make in life are much happier and more successful.
- The ability to be resilient and bounce back from adversity. Family wealth can cushion many blows, but the most successful inheritors are those who were allowed to experience and navigate failure on their own.
One of the main goals of The Parents Estate Planning Law Firm, PC is to help young families plan for the safe, successful transfer of wealth to the next generation. That’s why, once they’ve handled their estate planning, we encourage our clients to talk with their kids, when they are old enough, about what has been put in place. By including them in the process, kids begin to see that you trust them and that you are working with them to design a future that is positive for your whole family.
It’s also one of the reasons our firm incorporates Legacy Planning into our family estate planning services- so that, rather than a mere list of instructions, children get the clear message about their parents’ values and wishes for them and the future.
As a Personal Family Lawyer®, I can further advise you on all your options and make things as easy as possible for your family during a Family Wealth Planning Session. If you would like to have a talk about estate planning for your family, call our office today to schedule a time for us to sit down and talk.
To your family’s health, wealth and happiness!
P.S. Want to get started on the most important planning you’ll ever do for your family? Give our office a call at (978) 263-6900 to get started. You’ll be so glad you did.
David Feakes is the owner of The Parents Estate Planning Law Firm, PC – a law firm for families in the Acton, Massachusetts area. David helps parents protect the people they love the most. If you would like to receive David’s exclusive, free report, “Six Major Mistakes To Avoid When Choosing An Estate Planning Attorney,” you can get it right here.