Many parents do not plan to leave an inheritance to their children, but it can be meaningful and important for long-term financial success. Outright inheritance can be easy, but there is a gap between what people say they will do with it and what they actually do. Money can disappear quickly due to poor decisions or scams. Debt and incapacity can also complicate things. It is important to consider the financial habits and needs of each individual when deciding who should receive an inheritance.

Thoughtful planning and estate planning tools can provide oversight and protection. Have conversations with your family, be open about intentions, and seek help from estate planning professionals. Remember, decisions can be adjusted over time, and it is important to consider how you leave your legacy. Peace of mind is for today, so start planning now.