My kids will only ever own a property if their g/parents leave them massive amount

mountainofdebt

miss_bargainmad wrote:

A woman I work with is in her 40's and is not saving for a pension and never has as she is going to get a share of her mum's house?

Should she be hung, drawn and quartered for thinking like this?

I bet you'd all give her some stick ie. vulture - she should provide for herself!!!

Glad to see I've started a debate - don't drive youselves to heart attacks by getting stress out over an internet post.

Interestingly enough I am a member of my employer's pension scheme which is unusually generous.

There is one girl who has decided not to join and she was talking about her reasons for not joining.....basically she said that she would be inheriting money from her family so what was the point.

To be honest she came over as a spoilt brat and if I was her mum and had heard her say that, I would make damn sure that there was nothing left for her to inherit.

Feux_Verts

Bogof_Babe wrote: »

We are sort of waiting for the cat (aged 19) to die, because we can then get the campervan we've been hankering after and have a few holidays.

You got that much insurance on your cat???

Tiger_greeneyes

If the OP is so worried about her kids having an easy start in life and really does want the best for them, then why not take responsibility for them herself?

Why not sell the house, move into rented accommodation, send the kids to private school and then onto university on the proceeds? Surely having a decent education and career would give them a far better start in life?

Charis

[

QUOTE=poppy10;5004636]With average mortgage terms approaching 35 years, and the average FTB being 35, you will be paying the mortgage till you are 70.

Not necessarily, pay has gone up to more than twice per month than I was earning per year when we took out our first mortgage. Increase repayments accordingly and you can live rent and mortgage free well before you are 50. If a partner dies and was insured the roof over your head will be secure. I don't know of an insurance policy that will pay for your rent for life, including the kind of rent rises I have witnessed in my lifetime.

Then you will need social services care and the govt will sell your home to pay for it.

There are those on this forum who are adamant that only a small percentage of people will need to go to a care home before they die.

Yay! It was well worth breaking your back with huge mortgage repayments for all those years! :j :T :beer: :rotfl:

Had I rented when I first married, I would have to find about £700 a month to live in my current home. Instead of which I own it. :rotfl: I am nowhere near 70.

Me on the other hand - I'll keep renting. When I get to 60 and stop working, I'll claim my pension, and get housing benefit to cover the rent for the rest of my life - after all I've paid taxes all my life.

If you are under 30, either gender, you will be 68 before you can claim a govt. pension, according to the Pensions website. The goalposts are moving further away all the time. You won't get housing benefit if you have savings or even if you still have offspring at home who are earning. Who knows if young people will be able to leave home so easily by then? The OP on this thread is sure her youngsters will never get on the 'housing ladder' and rents will rise to reflect the demand for rented properties.

And being elderly I'm likely to have downsized to a smaller place which would be easily covered by the housing benefit.

Not if you have savings over £16,000, I understand.

I'll hand down all the savings I've accumulated from my landlord subsidising my rent to my children and grandchildren, after I've spent as much of it as I want. Govt don't get a penny.

Would that be the same government you are expecting to pay your housing benefit?

Timmne

.....or hire a hit man - quite a good return on a few hundred quid to bump them off.

Tiger_greeneyes

It's unbelievable that anyone could be so cold and mercenary isn't it?

I would be fuming if my SIL was arguing that she should have the right to my mum's life savings for my niece and nephew, cutting me out of the picture in the process. I'm in the same situation has the OP's BIL, I don't have children either, so I assume I'd be begrudged every penny of my own mother's money :rolleyes:

I also wonder how the OP would feel if her kids' future partners viewed her as little more than a cash-cow and discussed her financial situation with complete strangers?

What would happen to the OP's children's inheritance if only one of them provided grandchildren for her? Would her other child get cut out of the will?

Another comment was that if her kids were able to fend for themselves, then she'd go on year-long luxury holidays. I wonder what her future son/daughter in-laws would make of her spending their kids' 'rightful' inheritance?

What if the grandparents don't play ball in time for when the kids want to leave home? They're in their 80's, they could live another 10-20 years and really mess up any plans the OP has for their money.

The OP said that her relatives don't know the meaning of the word 'family' - frankly, I don't think the apple fell that far from the tree. I only hope the children aren't being brought up so materialistically, learning how to assess other people's bank balances and work out how much they ought to be entitled to squeeze out of it, and how to argue their case.

This has to be the most depressing thread ever - it's made me think about life without my mum and it's a sickening feeling. I'm actually glad that my mum doesn't have any money. I'm always helping her out and that's fine by me because shes my mum and that means everything to me.

This thread has really brought out the worst in me :mad:

RHemmings

Bogof_Babe wrote: »

It has just occurred to me that there is an element of this dilemma in our own situation. We are sort of waiting for the cat (aged 19) to die, because we can then get the campervan we've been hankering after and have a few holidays. (He's never been put in a cattery and is too old to come with us).

It doesn't make us horrible people though, because nature dictates that everything and everyone has their life span. We would no more have the cat put to sleep than any of the posters on here would have their parents or grandparents euthenaised (?), but is it such a bad thing to plan ahead?

Certainly that doesn't make you horrible people. Horrible people would put the cat in a bag with a few stones and dump it in a river. Waiting for it to live out its natural lifespan shows considerable consideration on your part.

hamletcigars

Your children are still very young,there is a chance as they get older that the grandparents may 'help' them onto the property ladder.

But if they don't ,then when your oh gets his inheritance you could do it yourselves then .


For myself and my OH ,we intend leaving it squarely between all the children ,regardless of how many children they have or how wealthy they are.

Mind you ,there won't be that much left

azjh77

I was discussing this post with my Mum, and she told me that her cousin (who is 84) is leaving all her money between her son and daughter, and £1,000 each to the grandchildren. However her son doesn't think this is right as he has only one child while his sister has 3, and thinks his son should get 3 grand to 'make it fair'

I do understand where OP is coming from. My Nan-in-law will leave all her money between her two sons (my FIL and my husband's uncle) however, my FIL lives on benefits, so he will 'use up' all the money because they will stop his benefits and then go back to benefits when it runs out (he's long term disabled) while the uncle's money will be 'extra' for him. It makes sense to me to leave My FIL's half to my husband, who can then put it away for FIL to use whenever he wants (give him the bank card, but account in DH's name possibly?)- he doesn't spend a lot. I also worry about FIL being left with half of an IT bill, will he have to pay that? I would never suggest any of these things to my husband or his family, and feel terrible saying it here TBH, but just wanted OP to know others do think similarly.

Bring on the 'mercenary' quips!

Melissa177

Having posted on this thread early on, and continued to read the coments, I have concluded that money (and dividing it up), seems to bring out the worst in people.

I was discussing this post with my Mum, and she told me that her cousin (who is 84) is leaving all her money between her son and daughter, and £1,000 each to the grandchildren. However her son doesn't think this is right as he has only one child while his sister has 3, and thinks his son should get 3 grand to 'make it fair'

I think this is bad - I don't think anyone should question how someone else plans to divide up money when they are gone.

What I have taken away from this thread is:
- never expect an inheritance
- consider an inheritance a gift, not a right, if you do receive one
- encourage your parents to go SKIing so they can enjoy their lives that they have worked hard for, and there are fewer arguments afterwards!