Get Your House in Order
Too many families I work with have no estate plans or if they do - the plans are outdated. Another problem I frequently see is that plans have not been communicated to children or heirs - which frequently leads to family conflict. Here are a couple ideas on how to get your house in order:
Estate Planning With No Children:
Inheritance Is Not a Child's Right:
Getting an inheritance does not make children better people. It does however give them more resources to pursue whatever interests and habits they have formed - for better or worse. A recent study indicated
that parents of wealthy families struggled most with how to be "good parents" as opposed to concerns about their wealth or influence on society.
While most of us are not wealthy - we still need to make plans for our assets. A good rule is to keep plans current and make them transparent to our heirs. This includes having meaningful conversations about your family's goals and values.
Find Meaning/Passion in Life:
For many their family is the primary source of value in their lives. For others, meaning may be found in the act of living consistent with their belief system. Our day to day efforts and exertions - whether it be our jobs, our careers, our businesses or our families have deep meaning.
Whether you are still working or retired, if you have not yet found the passion in your daily efforts I'd encourage you to consider what you truly love
and have a passion for. Then consider: this is the youngest you will be for the rest of your life! Go for it...