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20 September 2023

Types of Inheritance

Its a good act to leave an inheritance for your children and the many generations after them, it is good but how do you do it, for us to know how to start a generational flow of abundance down the generational dynasty, it is first important to know what are the types of inheritance are available to us as parents to pass down. it is important to realize that every human has a gift given to him by God and that you can’t give what you don’t have. secondly the beneficiaries of this legacy must learn to rise above popular opinion and discern the importance of these gifts and how it impacts their own offspring’s.

Building real sustainable wealth is generational and requires multiple generation of people to pull it off. So what are the types of wealth available to us today as was in time past. These wealth can be divided into two broad categories Tangible and Intangible inheritance.

TANGIBLE INHERITANCE: As the name implies it means inheritance that can be physically touched and moved around, these assets can be easily transferred, sold and easily converted to liquid. They can be easily measured and are finite in life and usage. When inheritance is mentioned this type of fixed or moveable assets is what easily come to mind, example of tanigble inheriatance are:

  1. Cash
  2. Stocks
  3. Real Estate
  4. Business
  5. Insurance
  6. Cars, planes, yatch etc.
  7. Livestocks
  8. Commodities
  9. Far
  10. Patent’s & Copyright’s

INTANGIBLE ASSETS: Intangible inheritance on the other hand are not physical in form, cannot be stolen or ridiculed, can and will thrive in any situation, is precious and doesn’t wear or tire and is available to those who seek them. Example of these type of inheritance are:

  1. Good Education, could be formal or informal, requires discipline and can build resilience, it appears mostly as habit of mind.
  2. Financial literacy can come by apprenticeship, mentorship, assimilation, observation and or business school.
  3. Wisdom, this refers to intelligence and the ability to put all learned to action.
  4. Good Manners: Manners the say maketh a man, i have to say good manners alone can make or break a man. the best time it can be transferred is at home, from parents to children.
  5. Morals: the ability to know good from bad and the commitment to do good is a great gift that can be transferred.

Intangible inheritance cannot be stolen, squandered or lost, it can be continually renewed by embracing continuous learning mindset. intangible inheritance is long lasting and has the ability to preserve wealth through many generations. it is the foundation on which true generational wealth can be perpetuated and sustained.

To have both is great, which is more enduring? If you are like most parents who want to live inheritance for their children, you will be better of concentrating your efforts on the intangible’s, even when you may not allocate the tangible in a will or trust or whatever arrangement you may prefer.

I must say that its the duty of parents that their offspring have an inheritance from them, but making a choice between the two, the intangible is most desirable. without the second, the first will soon fly away and your second generation will have to start over again.

which do you prefer to leave behind for your offspring’s? which do you want to be remembered for?

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Joseph Grand, Financial Educator, content developer.