Good discussion above on key management and the perils of inheritance. This is where my brain has been this weekend too.
I have not decided what I will do insofar as inheritance. It's tough. Because I do like the idea of leaving wealth for my children as an ultimate act of provision as their dad, yet I have seen what unearned wealth does to people. When you can buy all the heroin you want for your whole, shortened life, and are miserable... then why not? On the other hand who they are is primarily dependent on
their actions, not mine. I hope I have raised them moderately well... I certainly have not been perfect.
Inheritance goes along with our primal instinct/desire to secure the future existence of your offspring. This is common throughout most living creatures unless the species can survive without the protection of those that bring them into the world (ie Bacteria).
To that end, it may be best to offer the tools of success rather than just straight wealth. Our basic instincts also desiring that our children also breed and have the ability to support their offspring.
There is also the desire that our children keep certain values that we hold dear as a way of a sort of "immortality" through our offspring. Toward this, it may be better to link inheritance to some sort of achievements which you desire for your child to reach (graduations, career, marriage, children, home ownership, etc.).
I agree that just giving money to kids is dangerous. If you look at most of the super wealthy, the children end up being worthless while the grandchildren usually pick up the traits of the wealthy person. Maybe that's due to the wealthy person never being there for their children because they're too busy becoming wealthy such that the children resent them but then after the wealthy person is finished making money they have more time for their grandchildren which they can teach their life lessons.