Giving Away an Inheritance - Yes or No?

[Jason]

Some rich people won't even give an inheritance, claiming it spoils kids and they didn't earn it, so why should they get it? Anyway, I sort of agree. though. However, a cynic could point out that the spouses of such people didn't deserve the money either, assuming the rich person shared it with them, and probably he/she did.

 

[Cory]

Where does the money go if an inheritance isn't given out?

 

[Jason]

Where does the money go if an inheritance isn't given out?

It can be spent, given to charity, given to someone other than sons or daughters, or taken by the state.

 

[Cory]

It can be spent, given to charity, given to someone other than sons or daughters, or taken by the state.

It would seem like poor parenting to me if you didn't give your children your inheritance to help them survive, but I guess that depends on factors such as how much money you have and your relationship with your children, as a few examples.

 

[Jason]

It would seem like poor parenting to me if you didn't give your children your inheritance to help them survive, but I guess that depends on factors such as how much money you have and your relationship with your children, as a few examples.

What if the parents wanted to teach them self reliance? That's what rich celebrities like Elton John, Gordan Ramsey, and Sting are doing.

 

[Debashis]

I think parents who love their children would give away their inheritance to them without thinking much about it. They want their children to struggle less during bad times in case they are individually not so well off.

 

[Reverie]

In most cases families do not have big money - so the money is typically either given to the family if they went through the proper channels to make a will and etc... or else the state has the right to take the money in some cases.

I could see if you have a spoiled child perhaps there needs to be limits and etc put on the money or not given at all. I think if I was in that situation I would put the money in a trust type situation and put stipulations. You can not gain the money until - you attend college or have a career that pays for the lifestyle they are used to, must be drug free, etc. I know some put an age on it, or they even skip their child and give it to the grandchild instead of the next in line.

 

[Cory]

What if the parents wanted to teach them self reliance?

I suppose that could be another factor too, but it could depend on how much money their child already has or makes from their job. If they don't make ends meet to survive, then an inheritance would be nice for the child to have for their well-being. As I previously mentioned, it does depend on other factors too. If their child has been known to be a druggy or alcoholic during their lifetime and that's probably what they'd spend their money on, inheritance may not necessarily be a good idea.

 

[Jason]

The Bible shows many examples of inheritances and seems to be pro-inheritance. However, so much wickedness can happen if an inheritance goes bad. Well, the Prodigal Son story is one part of the Bible where an inheritance led to trouble.