Do you know what will happen to your wealth and possessions when you're gone? The only way to truly know is if you have a will in place, says Entrepreneur Network partner Phil Town.
Without a will prepared, your money can go to your closest family relatives -- or maybe even your state's government. It's an especially good idea to have a will because it is, undoubtedly, hard to anticipate when your time will be up. If you're worried about your debts, know that they will not be passed down to your family, though they will affect the amount of money you will be able to leave behind. As for the stocks and assets you own during your lifetime, these will turn into liquid assets when you are gone.
So, to reliably build generational wealth, a will should be your main goal.
Courtesy : Entreprenuer - Asia Pacific