I was recently asked, “How does your view of passing on an inheritance factor in your minimizing?”
I responded with a quote from Peter Strople I’ve never forgotten:
Legacy is not leaving something for people. It’s leaving something in people.
The inheritance we pass on to our children is more than the material possessions or the financial assets outlined in our will. It also includes the legacy we leave and the example we set. In this way, inheritance is more than what we usually think about.
This is an important perspective—and the ramifications are significant.
Interestingly, the very definition of inheritance includes this reality:
inheritance
noun
: something, as a quality, characteristic, or other immaterial possession, received from progenitors or predecessors as if by succession.
The inheritance we leave for our children extends beyond the material things in our attic or the zeroes in our bank account. Our inheritance also includes the example we live, the moral compass we set, the character we develop, and the name we build for ourselves and our family.
This is important to remember, first of all, for those with little financial wealth. Regardless of the dollar amount contained in your will, you can still pass on to your children (and their children) a valuable inheritance by living a life of character and decency focused on the things that matter most. This inheritance, by the way, is more valuable in the long run than a dollar figure anyway.
This truth about immaterial inheritance is also relevant and challenging to those with financial means. When wealth is added to the equation, it becomes very tempting to define and focus only on the material possessions that we desire to pass on: the house, the land, the bank accounts, the businesses.
But relatively speaking, these assets are less important than the character traits and the life model we will inevitably pass on to our children. For our kids’ sake, it is shortsighted to spend our lives focused too much on financial wealth, rather than character development.
Regardless of your net worth, if you have family, you will pass on an inheritance. Let’s remember the gifts we can leave to our children extend far beyond material possessions. And work diligently to focus on the most important.
Karen says
this is a timely read for me. I am the oldest of seven and this past month it became clear that mom and dad needed more care. My youngest sister has opened her home to them. They have moved in with her and seem content and happy. The packing of their home was a personal nightmare for me. My mother has always put more value on her possessions than her children. So when I read that inheritance was more than just monetary that resonates with me. What I have always felt and was made apparent to me is the fact that she can put monetary value on all her collectibles but gave no value or self worth to her children. So the lesson for me going forward is for my legacy to my children is that possessions don’t matter but happiness, health and self are all that is important to be successful in life
Tessie says
Interesting read. I’ve witnessed both the passing of my in laws and the mess my husband and his brother had to clean up. After retiring ten years ago, we’ve decided to downsize. Our four bedroom house plus 3 separate sheds were reduced to fit in a three bedroom villa with no storage space all. We started minimizing 6 months before we moved. We got rid of so much stuff that will help my children ease cleaning up when we pass.
In this day and age, don’t forget about your digital legacy/inheritance.
Dee says
I have a few pieces that my son could use when he furnishes his first apartment. Same with some pots and pans and kitchen items. I want to just get rid of it all, but this could save him some money in the near future.
Karen says
My family lost two grandparents and two parents in the last three years. Such amazing people. My unflappable mother deconstructed three households. So much stuff. She says the memories are the lightest to carry-
Eric says
Thanks for the great post
Gary @ Super Saving Tips says
What a great way to look at inheritance. Like Nanette, I had to clear out all the mementos my mother had saved, which is something I wrote about recently. Leaving material things behind that no one knows what to do with isn’t nearly as important as leaving behind loving memories, an example of a life well lived, and lessons on how to be a good and responsible person. Thankfully, my mother left those behind as well, as I hope to do for my children.
Xrayvsn says
Very well said. And I love the quote by Strople, never heard it before.
When most people think of inheritance, unfortunately first thing that comes to mind is money. That is very fleeting (studies have shown that majority of generational wealth is lost by the 2nd and 3rd generations).
Also care must be taken not to raise children that feel entitled when their parents are wealthy. I try to emphasize character and financial responsibility to my daughter so that hopefully she can have a successful life without any financial input from me when she is an adult.
Adam @ Minafi says
After going through a very rough time when my mom passed away, this would’ve been great to read them as a reminder of everything she left that I couldn’t see. Great post.
Stephanie Cordova says
It’s not to late to reframe! <3
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choose simple says
This is a great reminder about leaving a legacy!