Offered by Michael A. Dolan, Attorney and Counselor at Law
Think back to the first time you left your first born with a babysitter. One of you wanted to go out for dinner and a movie. You found someone you could trust to watch the baby, made your dinner arrangements, and proceeded to write down every possible instruction you could think of for the babysitter: Things like what to wear, what to eat, when to go to bed, how to reach you, etc. You reluctantly left your house and the fi rst thing you did when you got to the restaurant was call home to see how things were going.
If we think about it, most people will take more time to put together instructions for their family just to go out for dinner and a movie, than will take the time to put together instructions for their family for when they are going to be gone for a lifetime. And, after your death, you can’t call home.
Are your children really ready to receive their inheritance? If you want them to grow what they receive, instead of blowing it, you should look for ways to pass on all that hard-earned wisdom you accumulated over your lifetime. Families that don’t repeat the same mistakes generation after generation live better, more prosperous lives than the preceding generations.
Passing along your wisdom with your financial wealth in your estate plan is critical to your family’s long term success. Effectively passing on wisdom can be a challenge in today’s fast paced electronic world. Opening up communication among your family members so that your wisdom can be transferred is a great way to begin this diffi cult process. Get started now because it can make a difference for your family for generations.
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