Money Moral Dilemma: Should we leave more to our younger children in our wills?

Josey_1964

Pay off the debt now if you can afford it but make a provision in your will that states clearly that the payment will be deducted from their share in your will. Explain this to all your children, so they know and it’s not a surprise.

Rocketdogroya

i agree with treating them equally in the will but paying off the student debt now but explain why to the whole family as you can have your say now but not if it is in your will and that may cause resentment once you have passed. Also you have to consider inheritance tax and how your estate is affected.

LightFlare

My mum has always treated us equally (as much as possible) despite vast differences in social and economic circumstances.

One child has had more help recently, but the others have higher specific sums stated in the will

End of the day - it’s the parents resources and decision to do with as they choose. They could go out on a massive spree and leave nothing - at least that would be equal as well

Keep_pedalling

Rocketdogroya said:

i agree with treating them equally in the will but paying off the student debt now but explain why to the whole family as you can have your say now but not if it is in your will and that may cause resentment once you have passed. Also you have to consider inheritance tax and how your estate is affected.

Paying off the loan (or any other form of gifting) does not negatively impact IHT so not a lot to consider really.

Keep_pedalling

For those saying you must treat them equally, you have to remember the introduction of student loans may not have treat your children equally. Our eldest got free tuition but our youngest child did not, so we evened that up by paying her student loans off after she graduated. 

If one had chosen to go to uni and the other took a different path then I can see where you are coming from but not where a change in the funding of universities had negative financial consequences on your younger children. 

Scillydiver

Love them equally? Treat them equally.

savo456

My opinion is you should do what you can to set up your kids for their life. They didnt ask to be brought into this world, dont let them struggle through it. None of this "treat them equally" rubbish, life isn't equal otherwise we'd all be millionaires. Get your kids set up and secure for when you're gone. 

Rememberscarborough

Good luck with this one. Me and my siblings wouldn't be bothered either way but my wife's family is a total different kettle of fish and can hold grudges like there's no tomorrow!!

archie1411

Treating your children differently in you will is a great way to sow sibling discord. What a great parent!

B3xLouuRos74

Absolutely your call! It's your money and up to you how you spend it. As someone who was the first year to pay university fees, it does take a chunk out of my pay every month and over decades will be a huge figure which could have been spent just on living and socialising. My debt has gone up because the Student Loans Company have been allowed to set the interest to such an extortionate rate. So if my older sibling didn't have to pay that over a lifetime...that's a big difference in money. People say the debt doesn't matter as people rarely pay it off. Well if it doesn't matter then I'd like that few hundred back every month please! student loans as well as Brexit and the cost of housing etc has massively influenced my choice to start a family/ where to live/ travel (i.e. to not), work etc. So just here to give the perspective that having to pay for University is a big thing and has impacted my life trajectory for sure. Equally if I was an older sibling and was lucky enough to have had my education for free I can't see I'd be hard done by for my parents levelling that playing field. Best wishes whatever you choose!