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How to leave an inheritance? 4 principles for planning your legacy

You work to build an inheritance that lasts over time. That is why it is important that, beyond material goods, you consider the interests of those who will receive it.

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This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process. Opinions expressed by Entrepreneur contributors are their own.

Many people dedicate their efforts and knowledge to building a good inheritance for their families. As an entrepreneur, surely you are thinking much further: you want to build a legacy that will last over time. For you, think of a traditional will in which you leave your inheritance to your loved ones, perhaps this option is too short for you and that, in addition, does not include what will happen to your company in case you are absent.

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That is why, for many years, I have worked on a methodology (which I have called 360 Hereditary Plan ), which allows people to create an inheritance "with soul"; This means that, rather than inheriting property or an estate, plan how to do it by considering the people involved in receiving it first. With this methodology, you can inject your personality and character - your DNA, so to speak - into your will, in such a way that you can give continuity not only to your heritage, but also to your family values.

This plan covers personal, material and technical aspects of hereditary planning based on four principles that you must take into account if you want your inheritance to transcend:

1. EMPATHY

Unlike what normally happens when drawing up a will, the 360 Hereditary Plan   considers that the essential thing in this process are the individuals, over the goods and resources to be transferred. Therefore, it takes into account the wishes, interests and expectations of both the owner of the estate and the heirs.

For example, in the case of your company, have you discussed with your potential heirs if they would like to become your successors and stay in charge? Remember that there is a possibility that they have other plans and interests and that they would not want to become entrepreneurs.

2. HARMONY

From start to finish, when creating your hereditary plan, you must conduct yourself with impeccable and transparent communication, taking care at all times of impartiality and equity before the heirs.

3. PROTECTION

Highlight the importance of taking provisions to take care of the inheritor, the heirs and the estate itself. It is at this point where the measures that you can currently take come in, such as keeping the finances of the business in order, being up to date with the payment of taxes and any debt, and having transparency about the economic situation of the company.

4. LIABILITY

The 360 Hereditary Plan implies making an authentic planning that covers all aspects (personal, material and technical), ordering what is necessary and laying solid foundations so that the estate remains among the heirs with the least possible problems.

In part, responsibility also means that, no matter what your age, health, size of assets or time of your company, you draw up your will today to decide who will get your inheritance and on what conditions. Trust me, this could save your loved ones a lot of trouble and cost.

If you want to know more about comprehensive hereditary planning, I invite you to follow me on my social networks: