Inheritance is commonly referred to as the process whereby an individual bequeaths to their loved ones after they pass away. However, my study on the relationship between entrepreneurship and wealth for over 37 years, has shown that the passing of assets is not all that there is, in the inheritance from parents.
Passing down stocks or bonds, and other assets such as jewellery, automobiles, art, antiques, real estate, cash, rights and property to children are not sustainable if they are not accompanied by other categories of inheritance. It is significant to mention that in the principles and precepts of entrepreneurship; it is not complete for the beneficiary to inherit non-enduring treasure without the enduring factors of wealth creation, maintenance and the ability to create services for humanity.
In another sense, inheritance is also understood as passing genetic information on from parents to children. So members of the same family have similar characteristics and traits. The inheritance of each trait is determined by factors (now known as genes) that are passed onto descendants. Individuals inherit one factor from each parent for each trait. A trait may not show up in an individual but can still be passed on to the next generation. These exchanged genes determine the capacities of the individual to develop and learn soft and hard skills needed to succeed in life and build sustainable business ventures that sustain wealth in a family.
The rules of inheritance differ among African communities, and societies and have changed. The Christian scriptures and the Quran transform the concept of inheritance to include the acquisition of spiritual blessings and promises from God. In the theological sense, to inherit means to “receive an irrevocable gift” with an emphasis on the special relationship between the benefactor and the recipients. African and Jewish inheritance customs were linked to family bloodlines, and Greek and Roman laws also provided for the disposition of family possessions through the adoption of an heir.
However, the bequeathing of final blessings, family network, rights and privileges associated with the family name and the family convictions to an heir is private and legal too. Unlike legal inheritance, the benefactor, God, does not die, yet He provides material and spiritual blessings as an inheritance for his people. Legal inheritance refers to actual property or goods received after a family member’s death. Officially bequeathing private property and/or debts can be performed by a testator via will, as attested by a notary or by other lawful means.
Therefore, to maintain a sustainable process of inheritance all the blessings of the parents before they pass away, their private convictions and beliefs, and the rights, titles, entitlements, and obligations related to the family name must be properly transferred. In addition, the heirs should take custody of the network and privileges of the family relationships with others, and the property, investments and assets upon the death of the parents or individual. These five categories of inheritance ensure that the heir is equipped to manage and sustain the wealth and treasures within their lifetime and also be able to transfer them to the next generation.
The anomaly is that most people cannot pass all these requirements of inheritance before they depart this earth. So parents must learn to put their house in order at all times by living one day at a time.
Goodwill Ofunne 
4 responses to “What To Inherit To Sustain Wealth From Generation To Generation”
Cool stuff!.
This is what I found out in your post
Inheritance is a process that allows people to pass down their wealth to their loved ones. It is important to note that inheritance is not all that there is, in the passing of assets.
The process of inheritance includes passing down stocks or bonds, and other assets such as jewellery, automobiles, art, antiques, real estate, cash, rights and property to children. These assets must be accompanied by other categories of inheritance in order to be sustainable. In another sense, inheritance is also understood as passing genetic information on from parents to children. So members of the same family have similar characteristics and traits.
The inheritance of each trait is determined by factors (now known as genes) that are passed onto descendants
Ely Shemer
LikeLike
Yes indeed, but note that despite the fact that parents pass genes to children, the genes may show similar traits in some areas but because of the biological process of gene fusion and division called meiosis, the random passing of genes creates individual differences found in the home and between siblings. So the passing of genetic inheritance can be random and spiritual.
LikeLiked by 1 person
I attended a seminar recently in which this issue was discussed. There were two broad mechanisms we looked at: Wills and Trusts. I found Trusts particularly interesting because one can pass all one’s assets to a Trustee while one is still alive. Both have tax implications, but Trusts seem less burdensome. For many entrepreneurs who have lots to pass to the next generation, Trust is a route to look into. However if there are companies to pass on, an advisable route is to do as much divestment as possible in one’s life time, and live one’s company in capable hands
LikeLike
A Will keeps our assets in our name so that when we are gone from this earth, it freezes our assets in our name only. So our benefactors must go to probate to prove ownership and authenticity. While the Trust system takes out our assets from us and our name, while we are alive and keep them under the law. In this way, the assets are not under anyone’s name but the Trust beneficiaries. There is therefore no need for probate and asset transfer. I indeed prefer the Trust system.
LikeLike