Growth & Jobs | Consider estate planning to promote generational wealth - JN Life Executive

Jamaicans are being encouraged to use deliberate estate planning to help their children and grandchildren build generational wealth. The advice comes from Othneil Blagrove, chief of sales and marketing at JN Life Insurance, who says that structured planning can give future generations a better chance at financial stability and social mobility.

Blagrove noted that generational wealth should not be viewed as “spoiling” children or grandchildren, but rather as a practical tool to lessen the financial burdens faced by younger generations. One accessible method, he said, is establishing funds to support educational expenses.

“There are times people feel that leaving large sums of money to their sons, daughters, or grandchildren will make them complacent. However, if you’re not comfortable handing over wealth directly, you can set up an education fund for your grandchildren or even a child in your community,” Blagrove said.

He explained that such contributions allow young people to pursue studies in the field of their choice, whether medicine, law, culinary arts, agriculture, or entrepreneurship, without the pressure of working to pay tuition. “You’re leaving the money so that the next generation can achieve their goals, instead of going through the same hardships you did,” he added.

Modest, consistent investments

Blagrove stressed that building generational wealth does not require large, upfront amounts. Even modest, consistent investments can grow significantly over time.

“You can start by putting away even $5,000 in a mutual fund product. When you do that, you’re establishing a fund so that when the child is ready for university or to pursue their dreams, they won’t have to rely heavily on loans and fall into debt,” he said.

He added that these early investments can help younger Jamaicans achieve their financial independence earlier, allowing them to focus on wealth creation rather than debt repayment.

“The current generation of Jamaicans must make the change. You can’t keep saying, ‘No one did it for me.’ After you’ve covered your final expenses, you must recognise that you cannot take your material possessions with you. You want your children and grandchildren to build on the foundation you’ve already laid,” he said.

Blagrove also highlighted life insurance as one of the most effective tools for creating generational wealth.

“Life insurance is designed to offer financial protection against the death of the policyholder, but it can also serve as an investment vehicle that helps people meet major life goals,” he said.

A well-structured policy, he noted, can provide additional retirement income and serve as a buffer in emergencies or to cover school-related expenses. However, he advised policyholders to diversify their investment strategies.

“While we in the financial industry encourage persons to take out policies with an investment component, we also advise them to look at other forms of investment. Life insurance was meant primarily for medical emergencies or in the event of death. It should be part of your investment portfolio, not the only investment,” he emphasised.

He added that estate planning is a cornerstone of generational wealth because it is a launch pad to financial stability.

“Beyond savings and insurance, tools such as wills, trusts, property ownership, and beneficiary designations help families preserve assets and reduce financial confusion after a loved one passes. Proper planning can also minimise estate costs, prevent family disputes, and ensure that wealth is transferred according to one’s wishes,” he added.