This topic has come into question a lot of times because of the way many children have handled the inheritance they received from their parents. The vast majority have misspent hard-earned money and estate only to live like paupers after they lose everything. Just like the proverbial prodigal son in the Bible. This scenario begs the question, should I build/leave an inheritance for my children? Is it worth it or is it an exercise in futility? Will my children appropriate my estate with wisdom or will they sell everything off and live a high-end life? Will my children's inheritance cause them to become prey to gold diggers? These are worrisome thoughts to any well-meaning parent who wishes to give their children a better life than the one they had.
Why inheritance?
A lot of references have been made to the Bible concerning the issue of building and leaving an inheritance behind after a parent's death. Proverbs 13:22 says, 'A good man leaveth an inheritance to his children's children: and the wealth of the sinner is laid up for the just.' It takes a lot of forethought and sacrifice on the part of a parent who is desirous of giving his children a headstart in life. They could have as well decided to spend the wealth they amassed, after all, they own the resources and the ability to store up wealth.
It is also worthy of note here that not every parent is in a position to do so and it does not mean that they love their children any less. Also, many godly parents have built and left an inheritance behind only for it to be used up in a short time.
Building an inheritance for children should not be the sole concern of parents but also teaching them financial competence and responsibility while you are alive.
Why bequeath wealth?
- To give children financial security. This is especially true of parents who had a hard time in their younger days.
- There are cases of children (minors) who need basic living expenses, education and medical care and there may not be anyone else who will provide for them.
- There are adults with special needs who cannot provide for themselves and need the care and assistance of others.
- To build wealth that gets passed down from generation to generation.
Inheritance without wisdom
There are children born into wealthy homes who rely on the inheritance they will receive from their parents. They become lazy and lack the direction and motivation to work hard and earn things for themselves. Some are egged on by parents who are ignorant of the consequences of their actions. These are the ones who sell off assets while their parents are still alive and by the time the parent passes on, you don't need an active imagination to tell the outcome. The Bible says in Ecclesiastes 7:11, 'Wisdom is good with an inheritance: and by it there is profit to them that see the sun.' Financial inheritance can be destructive to children who have not been taught properly.
How to build and leave wealth that lasts
- Teach your children to love God above everything else.
- Teach your children to be responsible with money and also have a healthy perspective on money matters.
- Give your children a quality education.
- Teach them work ethics.
- Teach them what you know by introducing them to the family business before you retire.
- You could give them a portion of the inheritance to manage and see how well they do.
- Be generous to your kids while you are alive. This will free them from waiting for you to die so they can spend your money.
- Don't be quick to hand over your assets without preparation. Remember Proverbs 20:21, 'An inheritance may be gotten hastily at the beginning, but the end thereof shall not be blessed.
The best inheritance for your kids
In closing, suffice it to say that other things are more valuable than money. Yes, money can do a lot of things but it is not everything. Other things you can pass on to your children include a godly life, good memories, long and meaningful conversations, your values, beliefs and enriching family traditions. You could also teach them to be responsible and charitable people. Parents do not owe it to their children to leave an inheritance. It is an obligation borne out of love and the capacity to do so.
We would love to hear your thoughts on this post, please drop them in the comments section below. Thank you for reading.
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