If you’ve accumulated a lot of wealth or financial assets in your lifetime, you probably want to ensure that your family members in Pennsylvania can enjoy the wealth for generations to come. However, you’ve heard the stories about people who inherit a large sum of money, blow it all in a few years and have nothing to leave their own children. How can you pass along your estate to future generations?
How to pass along assets to future generations
Ultimately, you don’t have full control over what your heirs will do with your money when you die. If you decide to give them your assets outright, they could very well spend it all and have nothing in a few years. That’s why it’s important to talk to your loved ones now so they understand what you’re trying to accomplish by leaving them a large inheritance.
When you start the estate planning process, make a point to talk to your heirs and educate them about the value of saving money and investing wisely. You can explain to them what you want them to do with their inheritance after you’re gone. Instead of fumbling around in the dark after you’re gone, your children will know what you want for them and be able to honor your wishes.
If you want to have more control over how your assets will be used, you can write documents that stipulate how your heirs can use your wealth after you’re gone. You might ask them to invest the money in higher education or use it to start a business. This can help future generations create their own wealth instead of spending someone else’s fortune.
What’s the best way to write an estate plan?
Whether you have lots of assets or only a few, an attorney could help you write the best possible estate plan that leaves most of your assets to future generations. Your attorney could also help you plan for the future and make smart financial decisions that will impact your children, grandchildren, great-grandchildren and other generations down the line.
