Finishing Well: Leaving an inheritance

Proverbs 13:22 A good man leaves an inheritance for his children’s children, but a sinner’s wealth is stored up for the righteous.

Finances are a large part of people’s concerns as they age. A legitimate concern is will I have enough to make it to the finish line or will I outlive my money? Then we have the concerns of paying for healthcare at the end of our lives. If we can successfully manage our money and avoid some major financial disasters then we have the issue of leaving an inheritance for our kids and grandkids.

This is a tough and challenging subject. Giving away money is a lot easier than giving it away responsibly. Many people are ruined by having too much money and not enough character and responsibility to go with the challenge and requirement of being faithful with money.

We know that to whom much is given, much shall be required. Most of us want our children and grandchildren to have more things and a better life than we had. Unfortunately, some children and grandchildren do not know how to be faithful with money and possessions. Stewardship is important to God.

In the story of the prodigal son, we see a son demanding an inheritance from his father and then subsequently squandering it. In Genesis we see Jacob stealing Esau’s blessing. We also see Cain murdering Abel. Family and financial issues are real and need to be dealt with sooner rather than later.

Write down your financial directives and put them in your will. Choose a reliable person to execute your will. Make arrangements for your final expenses before you die. Leaving your loved ones to worry about a plot, a headstone, a cremation, and every detail of your funeral, memorial, or celebration of life service is a lot to ask of someone.

Most of the major problems in inheritance situations come when there is the second death. Typically when a spouse dies, their husband or wife inherits their estate. When the second person dies then there seems to be a lot more work.

Property may need to be sold, taxes and bills paid, utilities canceled, addresses changed, the will executed, accounts disbursed and beneficiary deeds enacted. Vehicles will have to be retitled and deeds will have to be recorded at the courthouse. Taxes on tax deferred investments need to be paid in the year your loved one passes away.

Losing a loved one is stressful. Having a plan in place regarding the next steps to take and how to pay for everything can make a difficult season easier.

Not every heir will be a faithful steward. People who love money never have money enough. Your heirs who have not been faithful with one dollar will not be faithful with more dollars. You cannot control much from the grave. You will have to make the best decisions possible based on the information you have while you are alive. Some people set up trusts or education accounts for loved ones. Others attempt to divide everything equally amongst their children.

Some people who steward land want someone of like mind to steward their land. Others donate their land to a conservancy or institution of their choice. Writing your wishes down and having them entered into your will is crucial.

It would be nice if all of your heirs got along exceedingly well but that is not always the case. Trust that God will soften hard hearts and that your heirs will have kind words on their tongues.

Often we do not know what others are going through. The death of a loved one can bring about a celebration of a life well lived or expose the ugliness and selfishness of relatives who do not exhibit the joy of the Lord.

We cannot control many things in life but we can plan and trust God that He will enable us to finish well and that what we leave to our children and grandchildren will be a blessing.

May God bless you big.

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This is sixth and last in a series of columns by Kevin Barsotti of Ark Church looking at issues of aging in the light of the teachings of the church.