People often think that their last will and testament is the best way to manage and distribute their estate after death.

But is that enough to protect your heirs? Or, is it going to give them access to a large, unrestricted amount of cash?

One of my clients, that I worked with for many years, was so excited to share her life savings with her only child. Against my recommendation, she only wrote a will, leaving everything to her daughter in a large sum. Unfortunately, this heir spent all of her inheritance within just a few months.

In fact, 1 in 3 heirs will spend their inheritance within the first two years.

More often than not, they are not equipped to handle so much money suddenly and responsibly.

So, what’s my advice?

1. First, talk to your heirs about money. Share your intentions for the inheritance and make your wishes clear.
2. Secondly, set up a trust. This will preserve their inheritance, limit their spending, and will help in teaching your kids money management.
3. Lastly, seek professional help. Talk to an estate planning professional, who will educate you on various options to help your kids preserve their future.

Remember, you are investing in yourself and in your family. How awesome is it to leave an impactful inheritance?

With the right planning, you can set your loved ones up for success. If you have questions, schedule a quick call with me.

Let’s bless your children and leave an enduring legacy.

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