There is no profession, no challenge in the world more awesome and more fulfilling than parenthood. Whether you are in a good-paying job or not, the goal of every parent is to leave an inheritance for their children. It is not uncommon to still see many parents leaving debts for their children instead of inheritances.
As a parent, irrespective of the income you earn and the level of your financial status as you may not be able to provide a large sum of wealth to your children, there are always some things you can leave for your children that will save them from passing through financial struggle.
What kind of heritage can you leave behind?
Education Savings account inheritance: The question every parent should ask themselves is how will your children be able to obtain an education if you lose your job or you are no longer with them on earth? If your answer is No; then you need to start planning of leaving an education fund inheritance for your children. Since you know that education is a necessary commodity and one of the essential tools to create an adorable future for your children, then you need to create a savings account that will take care of their expenses before they are riped for it.
Giving an analysis of a business coach, Olodu paints a scenario of how education saving account inheritance could help. He says,
“Let’s assume, that you desire to send your child to a Nigerian private university and the tuition fee is one million naira (#1,000,000) per session, then for four years in that school, you should be paying roughly four million naira (#4,000,000). Depend on the current age of the child; say the child is less than a year old then you have up to eighteen (18) years to plan for him/her but if they are already in secondary school then you have less than six (6) years to complete your plan.
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The earlier you start saving for them the better; let’s say your child’s secondary school fees is one hundred thousand naira (#100,000) per term then for the three terms you will need to pay three hundred thousand naira (#300,000). If you open a money market fund account or any interest-bearing account early for them and with just 10% interest rate per annum and you were able to save up to four million naira (#4,000,000) in the account; this can be achieved by constantly depositing cash on a monthly basis.”
With this, your child can complete his/her educational training with or without your presence.
Financial education: A study from the University of Cambridge found that money habits in children were formed by the age of 7. Classifying their age group, between age 3–6, children are like little sponges, learning and soaking in everything. This means they catch more than you think! This is a great time to introduce key financial concepts that they can carry throughout their lives.
From age 7–13, these kids are watching everything you do, they are closely tuned into their parents spending habits. This age group is building their habits and values from what they see their parents do. What your kids see you do is a lot more powerful than what they hear you say. Of course when they see and hear the same thing that creates a strong message.
Therefore as parents, financial education is a vital tool to give to the children before any other inheritances can be handed over to them. Failure to do this result in wastage of lifetime wealth.
Real estate: It is no longer an argument that the greatest inheritance parents can leave for the kids is properties. This is the only heritage that has stood the test of time and proven to span from one generation to another. Every Nigerian expects their parent to leave them with antiques, family businesses, books and most importantly, real estate. Without this form of inheritance, the list is incomplete. The advantage of the real estate is that it turns your children from the class of paying rent into a cashflow landlord especially if the asset is a rental property.
In conclusion, the future of many kids has been shortened because of their parent’s inability to adequately provide for their well-being. Thus, making them experience difficulties in the journey of life. On the other hand, the parents who leave some inheritances behind for the children make life easy for their offsprings. And this gives them a greater advantage in life.

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https://medium.com/@middlechaseblog/the-legacy-of-parenthood-f4f458f23985