Leaving Your Wealth To Your Children.
Leaving your wealth to your children is something that most Millionaires and Billionaires disagree with. I came across a poll by a famous internet marketer the other day that asked would you leave your money to your kids?
At first, I thought yes sure why not, I would teach them to be responsible with their money before they acquired an inheritance.
Thinking now, my thoughts have changed. Although I would leave some of my wealth or if not all to my daughter there would be a stipulation clause that she would have to adhere to before she could get her hands on it.
Currently, she has just started Marketing and Business Management at Cardiff Metropolitan University and is in a relationship with a person I disapprove of. I am hoping that as the weeks, months progress she will meet other people and re-evaluate her boyfriend’s choices without me interfering.
His attitude towards me and body language says it all and if he could he would have whisked her away a long time ago but she wants to live with me for the time being as deep down I think she knows this person she calls her boyfriend is not a perfect match for her.
Imagine if I popped my clogs and he ended up rolling around in the wealth my daughter inherited I would be coming back to haunt him. This is similar to someone associated in my family that is rolling around in money after my brother’s passing. She now sits on her almighty throne and has bitten the hand that feeds her. Had my brother been alive today and knew I reached out to her and she did not help me (it was not financial help btw, it was something else), I am sure he would not have left her a single penny.
So I have thought and need to re-write my will that my daughter only inherits my assets on the condition her current boyfriend (L) is not in the picture. However, she could easily get around this if he was. So I am now thinking of skipping a generation entirely or donating all my wealth to charity. Over my dead body is he going to get any of the money I have worked really hard for.
He cannot stand me and the feeling is mutual, when he comes into my home he never says hello, and whilst in Lockdown last year he did not once thank me or buy me a box of chocolates or flowers. He tells lies and accuses me of things I have not said or done, hoping to drive a wedge between my daughter and I. Hoping my daughter will choose him over me.
Imagine if they got married God forbid but imagine if they did, I have absolutely nothing in common with this family and certainly would not want to be associated with them or be in the same room as them.
The thing is “he who laughs last laughs the longest” so if they do happen to stay together, imagine when he learns my daughter was penalized financially because he showed me no respect.
Being happy for your child means you are happy for the right choices they make not the bad ones. How can you be happy for a child who has made the wrong choice? You cannot say well they have to live with it, sure, but what parent stands by and lets their child suffer? Yes, you are supposed to love your child unconditionally but to support your child when they have done wrong makes you a bad parent.
A parent that can foresee the future of the consequences of their child’s actions is not going to let them ruin their lives. I wish my parents had intervened when I was in my teens and early 20’s. They should have been more assertive with me and said this is what is going to happen and you have to do and this or else and who you should stay clear from. However, I never had a close relationship with my parents until the latter years.
I was fortunate in the fact none of my boyfriend’s parents especially their mother’s liked me. I came from a working-class background whilst my boyfriends came from the middle class, so the classes clashed.
Not only that my parents were foreign and even though my father came to the UK during WWII and was granted permanent residency by Winston Churchill because he fought with the British and was awarded a medal of honor, it still makes my blood boil that only a few days ago my parents by someone who is well educated and I have known for nearly 40 years, was labeled immigrants when in fact they were nothing of the sort, as my father had dual nationality and so did my mother after the ‘Home Office’ suggested a marriage proposal for her to stay in the UK indefinitely.
So looking back I understood my parents and my life choices that could have been avoided, but I do not blame them as it was my choice at the end of the day as it is now, hence, hopefully, my daughter will understand me when the time comes.
You can read about famous people not leaving money to their children below:
#inheritance #famouspeople #lifechoices #consequences #actions #inheritance
Renata is a businesswoman and published author. She primarily focuses on Digital Marketing, Content Writing, Website Design, Develo[pment, SEO, and Domain Brokering.
Renata is also the Editor of 'iRenata.com', 'UK Website Designers', 'Cymru Marketing Journal', 'UK Domain Brokers' and 'Disability UK' Online Magazine.
Renata offers several services for startups and SMEs.
Renata has a large network of over 10K connections on LinkedIn, compromising of Directors, CEOs, Millionaires, Billionaires, and Royalty. https://www.linkedin.com/in/renata-b-48025811/