A good steward thinks generationally. While Proverbs 13 supports leaving an inheritance to your children, I believe that what this ultimately looks like requires a great deal of wisdom. You need to ask yourself what impact an inheritance will have on your children:
- Will it come between family relationships?
- Will it support or damage their marriages, careers, and decision-making abilities?
- How will they receive their inheritance, and when?
- If their inheritance is significant, what steps will you put in place to ensure they’re prepared, especially if they haven’t dealt with substantial wealth in the past?
These are all questions that need to be thought about and addressed by families looking to pass on wealth to the next generation. And in some cases, parents should determine if it is more beneficial to help your children now, instead of when you pass away. Blessing them today can help relieve them of serious financial burdens, while allowing you to teach them how to make prudent financial decisions.
But there is more that a parent will leave behind than just material wealth. Investing in your children’s character while they are still young will reap more rewards than dollars ever will. Giving them the legacy of your values and teaching them to make wise decisions is the best way you can provide for your family generationally.
Maria Dawes, Portfolio Manager
Capstone Private Wealth