By Trevor Fenti | Legal Analyst (Estate Planning)
Many people view inheritance as a golden ticket: it’s the key to paying off debt, travelling the world, and living a life of luxury. Many Millennials have been suffering through a prolonged period of economic hardship since the Great Recession in 2008. The supposed “wealth transfer” might (hopefully) mitigate some of that financial blowback. An inheritance can change a person’s life for the better if the money is spent on stuff they don’t need. Even a small amount of money is life-changing in this day and age. If you’re lucky enough to inherit a small fortune, don’t blow that money. Besides doing the responsible thing and paying off your debts and mortgage, you can use it to have fun AND spread it around to your community.
Many people have used their inheritances to create positive, lasting impacts, honouring the legacies of their benefactors. When people inherit money, jewellery, or anything of value, some choose to invest in their education or their grandchildren, thereby reducing the financial burden on their own children. While many people are relying on the possibility of an inheritance these days, only a few lucky ones may have the money to direct their efforts toward philanthropy. This would include charitable foundations, funding scholarships, supporting medical research, etc. The latter is what we’ll focus on today.
Let’s delve into the ways inheritance can be used as a widespread force for good:
Guardian of the Sydney Harbour
Building a Legacy of Education
Leaving a legacy is important for many people. Regardless of whether they inherit, many people still want to give back to their community. Many people choose to leave money for schools and hospitals. Some people have given back by donating to their local school system, either because they really believe in the importance of education, or they had a good experience at their former alma mater, or both. The people who inherit and choose to do good with their money aren’t just leaving behind a legacy in the field of education; they’re changing other aspects of society as well:
Many wealthy people leave money to charities or foundations through philanthropy. There are a variety of causes to support and charities always need money. Philanthropy can ease the burden and leave a legacy behind for your heirs. There are some billionaires, for instance, who have promised to donate their entire fortunes when they pass away.
Humanitarian Aid Efforts
An inheritance can also bolster humanitarian aid efforts in other parts of the world. An inheritance can go to worthwhile causes, such as Doctors without Borders, provide support for organizations around the world, and much more.
Empowering Entrepreneurship and Innovation
There are always startups looking for seed money: startups offer new innovative ways to offer products that can change people’s lives for the better. Supporting these startups can lead to supporting something brand new and innovative.
Guardian of the Sydney Harbour
This brings us to Australian native Andy Orr: the 55 year-old former school teacher inherited enough money to leave his job and dedicate his time to something he truly passionate about: sweeping up the Sydney Harbour. Every morning, Orr leaves his house with his trusty hat, bucket, and gloves in tow. He spends each morning picking out the plastic litter that sweeps across the harbour. He came up with the idea while strolling along the harbour with his wife a decade ago. He began cleaning up the plastic debris in his spare time.
The inheritance he received in 2020 has allowed him to quit his job and pick up trash full-time.
The most common piece of garbage that he often finds? Plastic straws. Reflecting on the activity, Orr says that picking up litter full-time is a “meditative” process. He finds it calming.
What happens when the 55 year-old’s knees give away? Orr says he’ll continue his work from a boat.
You might argue that Orr is only making a small impact on the world; but he’s doing what he loves and his inheritance has freed him of any financial restraints. He’s doing good in the world. Will you do good in the world as well? Inherit and do good!
Inheritance can make a meaningful difference in the world.