Is Your Family Aware It Has Generational Wealth?
4/18/24
Is Your Family Aware of Valuable Family Information?
Many people are unaware of valuable family information necessary to protect their family wealth. It is during changes in life that families risk losing assets, if family members don’t know vital family information. Family wealth can be in bank accounts, insurance policies and, of course, the majority of wealth is typically in the family property. Once assets are lost, the family can’t get them back. So, now is a good time to organize your family information, to know what family assets to protect, for years to come! The crucial element needed to pass down wealth is family information must be made known to family members—your spouse and responsible teens and young adults. Never let your spouse be unaware of vital family information and the workings of the household, in case of a change in routine. And don’t withhold family information from responsible teens and young adults, especially if you are a single parent; make sure they know family information that will one day be passed down. The main reason valuable assets do not get passed down is because nobody was made aware of them, or made aware of the info (account or policy data) to claim them. If you are the primary caregiver for your family, but your household and family information is not organized because life is busy, you benefit by using The Home Organizer, to organize your finances and to keep record of vital family information. In doing so, you’ll organize the information all in one place for you and your family. Never let your family be put in a position where they have to hunt for vital information, or worst, not find valuable family assets (generational wealth) because they had no idea the family had certain assets. Family secrets or omissions can cause families to lose wealth, which can be the loss of thousands of dollars from an insurance policy, or money in the hundreds of thousands from property ownership. Family members may know the mortgage on the family’s house has been paid off, but not know the taxes need to be paid, to avoid losing the family home. Family members need to know, not just about gains, but family issues that need to be handled to avoid losing assets. Even if the family doesn’t own a house, there are assets that you don’t want your family to lose track of, such as bank accounts, insurance policies, etc. All families need a system to know their assets, in order to protect their family wealth, throughout the years and decades. Take the opportunity, not only to let immediate family members know vital family information, but also use the data to teach mature ones how to manage household finances, using a simple system, The Home Organizer. If teens are not taught how to set up a household and handle financial information, they are most likely to lose family wealth, just from lack of awareness. Don’t think that health information or financial information is too much for teens to handle—they will likely be impressed to see how well-organized you are, and to see all you do. They will also be more prepared for adulthood than most people because most adults are not taught how to budget the finances of a household and manage vital family information. When young people understand how to manage the finances of the household, they will see how to protect wealth and build wealth for themselves when they become adults. The Home Organizer provides charts to budget and manage household finances, and to organize important family data. The important thing is to make the information familiar to your family, in order to protect the family wealth! ©VC Edwards 2024, All rights reserved. 
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