What is inheritance? Well simply put, it is what you inherit from someone usually a loved one through a bequest. In other words, you now own what use to be someone else’s. Wikipedia defines inheritance as “Inheritance is the practice of passing on private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual”.
Lately I read an article by The Guardian entitled “‘Inheritance is a problem’: parents on what they will leave to their children”. You see back in the days of my parents, the elderly work hard, toil and save in hopes of one day passing their wealth on to their children. This may still be the practice today is come cultures, especially in the eastern culture. But some parents nowadays are feeling a little different, and I think they could be on to something. You work hard, play by the rules and build an empire. The question is why don’t you enjoy it? Maybe not 100% of it but at least 90% of it? Why do parents feel guilty that they are eating into their children’s share? Let’s take a step back. What share? How are your children automatically entitled to a share? It is your legacy, you decide. There is no obligation for you to give anything to anyone.
The article was interesting that it says when we give something to someone who did not work for it, then the value is lost. They do not appreciate it as much as you did. Easy come, easy go they say. Should this be your legacy? Maybe we leave them “some” to motivate them to work hard. Or help them to start a business or some down payment to buy a house. Why don’t you want them to work as hard as you did? Unless you are leaving them your inheritance, then there is some food for thought.
An individual in the article says “It’s about mine and my wife’s quality of life and making sure we have a good life to do the things we want to do, and support the causes we want to.” I find this to be quite fascinating to think about. It’s your life, you deserve it.
Where there is a Will,