Parents should try to leave an inheritance to their children. “A good man leaves an inheritance to his children’s children” (Proverbs 13:22). But inheritances should not be dispensed until heirs have been trained to be wise stewards. “An inheritance gained hurriedly at the beginning will not be blessed in the end” (Proverbs 20:21). Consider sprinkling distributions over several years as heirs mature enough to handle the responsibility of money. Select trustworthy people to help supervise the finances of young heirs until they are capable stewards. “As long as the heir is a child, he does not differ at all from a slave although he is owner of everything, but he is under guardians and managers until the date set by the father” (Galatians 4:1-2).
It is important to prepare financially for your death. As Isaiah told Hezekiah, “Thus says the Lord, ‘Set your house in order, for you shall die’” (2 Kings 20:1). One of the greatest gifts you can leave your loved ones for that emotional time is an organized estate and a properly prepared will or revocable living trust. If you don’t have a current will or trust, make an appointment this week with an attorney to prepare one.