Inheritance is often seen as a blessing—a means to carry forward a family's legacy and wealth, securing the futures of your lineage.
Unfortunately, for some, it can swiftly turn into a burden.
A close friend's recent experience illuminates this issue, raising questions about how best to prepare the next of kin for inheriting generational wealth.
My friend, who had come to Rwanda on a business trip, took some time to explore our beautiful country.
During a hike, he received a call from a mutual friend who had recently lost his father.
This friend had inherited his father's farm, among other properties, but instead of finding consolation in this gift, he was overwhelmed by the immense challenges it brought.
His everyday life became about addressing land disputes, dead livestock, theft, unpaid rents, and maintaining family properties.
Despite his best efforts, managing the inheritance became stressful, exhausting, and overwhelming, slowly taking a toll on him.
The father had handled the family business on his own, hardly including his children in the operations. The father prioritised education and believed children should be supported to excel in school and follow their passion.
This story isn't unique.
Many of us have heard similar tales, where the well-intentioned inheritance of property or businesses becomes a source of stress and conflict for the heirs.
While education is essential, the continuity of family businesses is equally vital. No one wants to hear about their parents’ hard-earned legacy going to waste due to the inexperience of those who inherit generational wealth.
The interactions with my friend made me reflect on my role as a parent.
What if we started preparing our children for the future by encouraging them to excel academically and involving them in our daily lives, including our work and passions?
Imagine if we took our children to our workplaces, allowed them to see us in action, and let them ask questions. What if we turned those occasional trips to the farm into family events where children could learn about the land, the business, and the responsibilities that come with it?
Doing so could inspire them to develop an interest in the family legacy and equip them with the knowledge and skills to manage it effectively.
Organisations and businesses could also play a role by allowing parents to bring their children to work on open days. These experiences could help bridge the generational gap, fostering a deeper understanding of managing a family business or property.
For our friend, the pressure to honour his father's legacy while feeling guilty about considering selling the properties was immense. But what options did he have? He had never been prepared for this responsibility.
The scenario made me realise that inheritance should not be left as a mere will written to guide who takes over but should be treated as a journey of learning and preparation.
By involving our children in our work and passions early on, we can ensure that they are ready to take over when the time comes, not out of obligation but with a sense of purpose and understanding.
Inheritance should never be a burden passed down in silence. It should be a shared journey in which knowledge, skills, and passions are transferred from generation to generation.
By doing so, we can ensure that the legacy we leave behind is not just a gift but a well-prepared opportunity for our children to build upon.