You’ve saved enough to leave a parting gift for the kids, but will they use their inheritance wisely?
You’re not alone if you’re concerned: 35% of people are crafting their estate plans to avoid mismanagement of money by their heirs, a recent survey from WealthCounsel found. Luckily, there’s a lot you can do now to make sure your children won’t have you rolling in your grave.
Prep them for what’s coming
Don’t let your will reading be the first time an heir hears about his inheritance. Meet with adult beneficiaries to lay out your desires for your legacy.
“Children who talk with their parents about this are much more responsible in planning for their future with the money,” says Waltham, Mass.,
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