Christian Parents and “Trust Fund Babies” – What Does the Bible Have to Say about Generational Wealth?

 

This guest post is courtesy of Caroline Jackey, Regent Law 3L:

One of the most basic aspects of estate planning is inheritance – leaving wealth to one’s children and grandchildren. Most people leave their assets to their children because that is the “societal norm” in the Western world. However, the Bible speaks at length about the dangers of riches that enable people to live a lazy life where they do not have to work.[1] In fact, the writer of Proverbs states that “an inheritance gained hastily in the beginning will not be blessed in the end.” Proverbs 20:21. This idea leads to an interesting question: does God sanction Christians leaving money to their children? Scripture leads us to believe that the answer to this question is “yes,” but with qualifications.

First, consider the principle of generosity. Proverbs 13:22 states “A good man leaves an inheritance to his children’s children, but the sinner’s wealth is laid up for the righteous.” This is not so much a command as it is a blessing. Good men (and women) do not necessarily have a duty to leave an inheritance for their children, but good people have resources and wealth so that they can leave an inheritance for their children. Godly people should be in a position to be generous and leave a financial legacy to their children. Compare this with the wicked man from this verse, who has not handled his wealth wisely and will not have an inheritance for his children.

Second, consider the responsibility to save. 2 Corinthians 12:14 (b) states, “... children should not have to save up for their parents, but parents for their children.” God has commanded parents to raise their children well,[2] not just spiritually but financially. Children continue to be children when their parents die, so parents should be saving to provide for their children even after the parents are no longer present.

So, should Christians provide an inheritance for their children? Yes, by considering guiding biblical principles regarding money, and remembering the dangers of wealth (especially wealth that comes easily), while also staying true to the callings of generosity and wise financial accountability.

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[1] See, e.g., Proverbs 28:6, which says “Better is a poor man who walks in his integrity than a rich man who is crooked in his ways.”  

[2] See, e.g., Proverbs 22:6, which says “Train up a child in the way he should go; even when he is old he will not depart from it.”