“An inheritance claimed too soon will not be blessed at the end.” Proverbs 20:21
The estate and inheritance planning portion of our wealth management puzzle includes:
THE IMPORTANCE OF ESTATE PLANNINGEstate planning is setting up the legal process for transferring all of your assets at death. This includes planning for passing down real estate, investment and retirement accounts, bank accounts, personal items, etc. to those you love and care about, as well as deciding who will be the guardians of minor children in the event of a premature death(s), who will the be the executor of the estate, etc. It can involve many legal instruments starting with a will, trust, family limited partnership, durable power of attorney for financial affairs and health care, etc.
WHAT TO AVOIDThere are also things to avoid in Estate Planning like:
- You never want to deny God an opportunity to work, or deny your children a chance to make it on their own.
- Never use money to manipulate behavior
- Be careful not to commit heirs to a lifestyle, or to change their lifestyle
- Be careful not to destroy an heir’s need to provide
- Be careful not to fall prey to children’s manipulation