If you buy gold to own, and to keep as a hedge against unforeseen setbacks in the future, you have a couple of options as you grow older and start to think about inheritance.
If you come up short during your retirement years, you can always sell some of your gold to make up the difference.
But if you still own gold at the time of your death, just add the gold to your estate and pass it on to your children. They will be delighted to find you have given them gold.
The correct and legal way to do this is to include the gold in your will, as part of your estate. As always, there will be taxes to pay.
Other people who own gold keep it “off the books” from day one, with no paper trail. And if they pass it on to their children, they do it privately.
Either way, if you have your gold hidden on your property and plan to leave it to your children, be sure to let one trusted person know where it is.
It would be a sad day if you died unexpectedly and nobody knew where your gold was hidden. Or maybe nobody even knew you owned any gold at all.
If possible, give the gold to your children before you die. That way you know it will end up in the right hands. And you can enjoy the pleasure of giving it.
Once you are gone, even a “trusted friend” can be tempted if he or she is the only one who knows of the gold’s existence.