Do people still leave their money to their children?

TrickyDicky101

TrustyOven wrote: »

Also; useless kids are a product of wealthy parents.

See: "Economic Outpatient Care (EOC) is a term used to express when an affluent parent provides money to an adult child."

from https://en.wikipedia.org/wiki/The_Millionaire_Next_Door

I rather think bigadaj meant rubbish parents (ie bad at being parents) rather than a comment on their economic worth when (s)he referred to them as 'poor'.

westv

Unless you are able to spend it all you're going to leave your money to somebody.

steampowered

We are rapidly sliding back into a society where your position in life - principally whether you are able to afford a decent house or not - is determined by the amount you are given by your parents, rather than the amount you earn through work.

Inheritances - and general gifts from parents - are much more important than they used to be!

copperclock

sevenhills wrote: »

The rich don't 'need' it, and if they are really poor, they will lose their benefits.
We read about the occasional man/woman leaving their wealth to the dogs home and such. Owners of dogs very much love their dogs, but do they make it into the will?

I would suggest that there are plenty of people who are somewhere in between 'rich' and 'poor'. Most people, probably.

PasturesNew

Of course his children don't help him much .... they have stuff to do themselves. They're not sitting in the same road, watching telly all day and wondering what to do this afternoon, they've been up since 6am, on the road since 7.30am, in the office by 8.30 - sandwich for lunch if they're lucky enough to grab 30 minutes, out of the office 5.30, sit in traffic, get home at 6.45 - still got to cook/eat/clear away after tea ....

Repeat for 5 days/week, then do all the washing, cleaning, gardening, sort the car out, errand running, parcel collecting/sending, hair cuts, house maintenance, etc etc

And they're probably 20-200 miles away.

Some people struggle to be allowed a day off work for a parent's funeral!

lisyloo

On average people are becoming more selfish.

I think that's a cynical/harsh view so just wanted to explain our situation.


MIL is in a nursing home aged 89. FIL is living alone but needs some help with looking after himself properly.


Their daughter visits frequently - when they are not well this would be everyday. She works most days and has a commute as well, so this is tiring. On the day she doesn't work she cares for a grandchild. She frequently takes time off for hospital visits, doctors and social workers assessments. She has 10 grandchildren and 1 grandchild. It's not selfish if you HAVE to work, neither is it selfish to look after your grandchildren, neither is it selfish to want to spend some time with your spouse, children, grandchildren or great-grandchildren. She may at some point have a nervous breakdown.


Son works in London. This was not out of choice but after a period of unemployment. Comes back about every other week.


Just an example, but we struggle with our life balance and I don't think people are selfish because they HAVE to work or HAVE to commute or HAVE to live away. Wanting some life of your own also (when your working hard and commuting) to spend with spouse, children, young grandchildren etc. and even having some relaxation of your own is not selfish either.


Obviously this hit a nerve as it's something we struggle with but just wanted to point out that decision about work, commuting, where to live, helping chidren out with grandchildren are often not a choice and made out of need rather than personal gratification.


BTW - there's an awful lot the state doesn't do.
The nursing home that MIL is in does not take care of things like glasses, hearing aids, teeth, buying clothes, toiletries, books etc.
That's not a criticism as I've seen what they do and they work very hard, just pointing out that family still have to do some things as well as benefits, banking, paying bills etc.

lisyloo

In our family inheritance will go to offspring despite offspring being in their 50's and with small or no mortgage.
Offspring can of course choose to spend it on children, grand children or great grand children should they desire.

BobQ

jamesd wrote: »

Yes, people normally leave money to their children and/or grandchildren. If he wants to skip the children, any grandchildren will be blameless and perhaps he might feel they are more deserving of some financial help. He could also choose to leave money to people who have been more important in his life, maybe picking a few to leave potentially life-changingly large amounts to. One of my own is intended to do that.

Fair points but some grandchildren are not blameless. You cannot blame a child for not visiting their grandparents when they are young or when they are older and live some distance away. But when grandchildren become adults some continue to ignore their grandparents.

I have also heard parents cynically tell their children to visit their grandparents to make sure they get their inheritance.

But there always will be some people who leave their children or grandchildren inheritances because they think they should.

I may seem harsh but I have seen too many old people who are lonely who have families cannot be bothered to visit them, let along help them.

BobQ

Linton wrote: »

What else do you do with it? The problem is that with increased life expectancy many "children" will be retired by the time they inherit their parents wealth and won't have much need for it.

Charity.
Leave it to people who deserve it even if they are unrelated

BobQ

zagfles wrote: »

Yup - in countries with no welfare state there's a lot more inter-generational support - basically you help your relatives when they need it and vv. People who don't help others get no help back.

Here we rely on nanny state to take care of us.

steampowered wrote: »

We are rapidly sliding back into a society where your position in life - principally whether you are able to afford a decent house or not - is determined by the amount you are given by your parents, rather than the amount you earn through work.

Inheritances - and general gifts from parents - are much more important than they used to be!

I think it is true that the Nanny State has a lot to answer for. But in the same way that it has generated an entitlement attitude for benefits, we are also generating an entitlement attitude to inheritance.

Many people have nothing to leave but it never ceases to amaze me how many people are planning how to spend their inheritance before they know they have got it.