4 Ways To Prepare Children Now To Oversee Their Inheritance Later

By ITS Education Asia

Adam Strauss contributor for Forbes magazine discusses 4 ways to prepare children for their inheritance.

1. Devise a proper estate plan. Estate planning enables you to audit the tools at your disposal to minimize asset distribution costs and maximize the inheritance left to your heirs. 

2. Give your children a sound financial education. If you want your children to handle and retain your wealth responsibly for future generations, impress upon them the importance of concepts such as saving, compounding interest, and the benefits of asset diversification.
3. Keep your children apprised of changes in net worth.The key to successful communication between parents and children regarding finances is openness and honesty
4. Encourage your kids to build their own wealth.You should plan for a time when you're no longer around. No matter what steps you take, pass on good financial habits to your children early to ensure they have the resources and life skills to live comfortably and productively.

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