Would you consider leaving nothing to your kids?
- This topic has 7 replies, 7 voices, and was last updated 6 months ago by GrumpyGrandpa.
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6 May 2024 at 2:43 pm #1832395Brad LockyerKeymaster
Actor Jeff Goldblum, star of films such as ‘Jurassic Park’ and ‘Independence Day’ recently made headlines for declaring in an interview that his kids would not be inheriting his considerable fortune when he dies.
He says it’s to teach them the value of money and hard work and the idea that “you’ve got to row your own boat”.
“I’m not going to do it for you and you’re not going to want me to do it for you,” he told the Table for Two podcast.
“You’ve got to figure out how to find out what’s wanted and needed and where that intersects with your love and your passion and what you can do.”
It seems Mr Goldblum is not alone. Many other wealthy celebrities have expressed similar intentions when it comes to their children’s inheritance.
Showbusiness stars like Daniel Craig, Elton John and Simon Cowell have all publicly stated that they will not leave their multi-million dollar trusts to their offspring.
Even some of the richest people in the world feel the same way, with people like Mark Zuckerburg, Warren Buffet and Bill Gates all adamant their children will learn to be self-sufficient.
Do you think these wealthy celebrities are right in their decision? Are any of you planning on not leaving much to your children?
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7 May 2024 at 7:23 am #1832419chrisParticipant
Hi
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7 May 2024 at 7:24 am #1832420chrisParticipant
Very sad indeed not leaving your children at least comfortable. They might have been lucky even with hard work sometimes uou need a little luck also. Ask them if for some reason if they had the misfortune not to be able to have children they would have given everything to be able to have them!!! Aldo they should remember they chose yo bring these children into the world!!
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7 May 2024 at 7:40 am #1832421David RyderParticipant
I intend to leave my kids my possessions including the house. As to money well there may or may not be much of that. I don’t have a plan.
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7 May 2024 at 7:53 am #1832422[email protected]Participant
Yes, in my case they have already received their inheritance. With several “loans” to both of them, it’s more than I can afford so I have no intention of leaving them anything!
I have informed them of this and immediately I did that I haven’t heard from either of them!!!
Also the fact that they both have expensive bad habits this means I won’t ever leave them anything in my will. Of course due to their bad habits I’m likely to outlive them anyway!!
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7 May 2024 at 2:14 pm #1832469[email protected]Participant
It’s a vexatious problem. some lawyers say that if you leave nothing, you can definitely open the way for litigation if kids think they have a reasonable case. I agree they need to stand on their own two feet and people tend not to appreciate what they get for nothing. Why not consider a split will – some to the kids and some to a worthy charity or bequest.
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8 May 2024 at 8:42 am #1832517GrumpyGrandpaParticipant
Leving your estate to your kids may be the ONLY way they can ever pay for a home nowadays. When we bought our house years ago, the cost was around 5 years total annual income, I think it is around 10.5 now. It took us twenty five years to pay it off in those days, so go easy on our kids, we didn’t have anyone to help us and I will help ours all we can when the time comes!!
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