I am a failed entrepreneur myself but have since gotten back on my feet.
It would pain me for my children to fail at something they worked so hard at.
I dont want them to make the same mistakes I did.
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You worked really hard, but you still failed.
And yet in spite of all that, youre still standing.
But thats not something Id advise unless theyve done something truly egregious.
Think about the message you want to send your kids.
Is it to never take risks?
Is it to never try too hard at something because you might fail?
Is it that failure is so shameful you’re able to never recover from it?
It doesnt matter how great your relationship was with your kids while you were alive.
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Doing so would give you greater control over how your property is distributed when you die.
Maybe that wont stop them from becoming entrepreneurs.
But at the least, they wouldnt have access to lots of cash at once.
Theyd probably have to keep working traditional jobs for at least a while to establish a safety net.
That may make them less likely to take big risks.
People tend to be a lot more cautious with money theyve actually had to work for.
Some people go even further by attaching specific strings to distributions.
Even the best parenting and estate planning wont protect your kids from failure, though.
Well all fail many times over during our lifetimes.
What stands out about the most successful people isnt their lack of failure.
Its that they fail fast.
They learn from their failures.
Think about whether there are any specific mistakes you think your kids could learn from.
Maybe the lesson isnt to avoid risk, but to manage risk carefully.
Or perhaps you’ve got the option to shed light on the realities of being a business owner.
Many people learn the hard way that being your own boss isnt so glamorous.
A heavy-handed approach is likely to backfire.
Think about what you want your legacy to be.
Or as a human who made mistakes and earned wisdom in the process?
The instructions you leave in your estate plan will become your final words.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
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