Where Should It Go?
In yesterday's post, I posed a question. I challenged each reader to consider, with a completely clean slate, where their assets should go when they die. If you could draft a plan with no preconceived notions, where would the assets go? Oh yeah, I also gave three caveats:
We're talking about who gets it AFTER your spouse. Pretend your spouse is also gone.
Your kids are grown, and they no longer depend on your financial care.
You have something of substance left when you pass.
I've asked hundreds of people this question, and more than 9 out of 10 will say something along the lines of "equally split between my kids." Why? Because.
Well, where should it go? First, I need to clarify one thing. Your assets should go wherever you choose for them to go. The decision is 100% yours. Not mine. Not your family members'. Not your lawyer's. Yours and yours alone.
With that said, I want to share some thoughts to get you thinking today.
I've always loved the phrase, "fair is not equal and equal is not fair." We aren't obligated to give the same amount to each of our beneficiaries. There might be various reasons why one would give more to one child than the next. Don't allow pressure, guilt, or obligation guide you.
On a related note, I think we need to revisit the notion that all money is a blessing, and if all money is a blessing, more money is an even bigger blessing. The truth is, money has the ability to cripple us, enable us, self-destruct us, and zap any and all forms of meaning right from our souls. I watch it play out on a weekly basis. There's nothing that can crush the ambition of some people like the arrival of money.
If you're planning to give money to someone, consider giving it while you're still alive. There might be a season of your beneficiary's life that's better suited or more needed for such a gift. Besides, how beautiful would it be to see it with your own eyes!?!?
I have a tough question for my fellow Christian friends. If everything we have belongs to God (a core principle of our faith), why would we give all our assets to our family when we die? If everything we have is His, but yet our last act on this planet is to ensure our family retains His assets, does that seem aligned with the God's ownership principle?
I'll share my family's plan. When Sarah and I pass away, nearly everything will be given to our charitable trust to be given away. Our two little men, who will hopefully be strong, faithful men by then, will be entrusted to manage the giving of the money during their lifetimes. Further, I pray the example we set for our kids will inspire them to follow suit when they pass away, entrusting their children with a similar responsibility.
Again, you need to 100% make your own decision on this matter. But I hope I gave you something to think about today.
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