MONEY MORAL DILEMMA. Should Roman Rockafella leave all his money to his kids?

Former_MSE_Andrea · 12 January 2009 at 9:30PM

Here's this week's hypothetical situation for you to cogitate on:

Should Roman Rockafella leave all his money to his kids?

Roman Rockafella’s had it tough as a kid, but he’s worked hard, been brilliant and a bit lucky, and at 40 is worth £500 million. Now Mrs. Rockafella is pregnant with their first child and his lawyers have told him he needs a will. He’s worried if he leaves all his money to his kids, they’ll have no work ethic and make nothing of themselves. On the other hand, he wants to give them the best. So like all MoneySavvy folk, he’s come to MoneySavingExpert.com to ask your advice.

Click reply to have your say

Previous MMDs:
Would you keep a mistaken 'double refund'?
Would you pay Brian the Builder in cash?

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[Deleted User] · 12 January 2009 at 9:32PM

Trust funds that don't kick in till certain ages.. 21, 30, 50.. It's how rich people do it to make sure they don't have !!!!less lazy children

Saucepot · 13 January 2009 at 12:37PM

Thats what public school is for. To mould the breed and produce people capable of handling wealth.

eagles_2 · 14 January 2009 at 8:41AM

It's really a very simple process leave each of his children a gfair lump sum to start themselves off i.e. a car, a deposit on a house, food in the fridge type thing. then the rest of the money they have to earn. So if child one earns 25k in a year then he is given 25k from a trust fund as well, if child 2 earns 150k in year 1 they get 150k from the trust fund, obviously in every plan there are flaws, so if they children work for the good of other people nurse, teacher, copper, fireman etc. then they will very rarely earn massive amounts of money so something in place to help them if they earn 20k for being a fireman than they get double from the trust fund 40k.

I get ready forthe barrage of abuse for this, and be told about spelling and grammar

spudz_2 · 14 January 2009 at 10:24AM

I agree with some of what's already been said. Depending on how old the children are I think they should be given a little bit of money straight away say a few grand and then the rest should be put in a trust fund which the can access at different stages in their life say 18,25, 30. I think there should be certain conditions before they are allowed to access the money. One of these should be that before they are 25 they should have had a job for at least 3 years unless they have been to University in that time. When they get to 30 the should have had a job for at least 5 years. This way they won't just sit around waiting to collect their money.

RUFFYONEVILLA · 14 January 2009 at 10:35AM

He cant take it with him, and his children will be richer in terms of money but poorer in terms of life skills and humility if they get access to large "comfort" funds in their teens and 20's.
What he should do is give it to the needy/or have it as his wish in the will, that when his children are old enough to understand i.e when they are 18. So they see the money actually given away in front of them and know they aren't getting it.
Teach them enterprise and initiative from an early age and they wont need daddy's money.
And they'll be much better people for it.
Name me one outstanding character who has achieved great things that was born into a life of having everything on a plate?

Wealthy people that actually made the money themselves are much more rounded individuals in my experience.

Anyone born British is within the top 2% (or something like that) of wealthiest people on the planet anyhow.

CheapSkate_4 · 14 January 2009 at 10:36AM

"Enough so that they can do anything, but not enough so they can do nothing."

debbsie · 14 January 2009 at 10:48AM

He can leave it me instead . . I've known the value of money for a very very long time, about time I was rewarded!

mlucyminx · 14 January 2009 at 11:00AM

The fact that he had to earn everything he has got should give him the life skills to teach his children that you dont get anything for nothing. from an early age he should have them doing chores to earn their "pocket money" if they dont do it they dont get paid. when they are older he should teach them that they need to do other jobs. even if voulantary work helping needy people. they should be encouraged to study hard. Any major achievments can then be rewarded. If he lets them live a rich kid life they will always expect it. That way he can leave conditions in his will, and know that he did his best to teach his kids not everyone has it easy. Hopefully his kids will have enough love and respect for him and his values to carry his teachings on.

clarkey1000 · 14 January 2009 at 11:03AM

I'd say donate a large proportion of it to charity etc (He's got £500 million so there's plenty to go round!)and then set up something like eagles suggested (Peter Jones is planning the same for his kids
http://www.launchlab.co.uk/article/Business-Blog/How-to-have-nice-kids,-by-Peter-Jones/218 )

The kids need to be raised with the right attitude to money and a knowledge of what's in the will otherwise when he dies they'll spend years contesting the will because they feel they have a 'right' :rolleyes: to the money their father earned.

bobmccluckie · 14 January 2009 at 11:28AM

Surely he can't leave it all to his kids. His wife is entitled to half!

MONEY MORAL DILEMMA. Should Roman Rockafella leave all his money to his kids?

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