The idea of leaving something to our descendants – whether it’s money, a house, family heirlooms or something else – is deeply ingrained. Given the state of the housing market, a gift from a parent is now the only way many young people can imagine getting ahead.
But, the reality of inheritance is often more complicated than we imagine, and a gift can sometimes cause more financial issues than it solves. Inheritance tax and family squabbles can sour what should be a consolation after bereavement – and relationships between parents and children can be complex.
So, are children entitled to an inheritance? Helen Neale, Sam Harrington-Lowe and Raj Gill give their perspectives.
My two children know that my husband and I do not intend to leave them an inheritance.Good parenting isn’t measured by the size of the cheque you hand over after you die,and I don’t want to spend the rest of my life protecting a pot of money for some (hopefully distant) future date.
The “die with zero” movement encourages us to make sure we’ve spent or disposed of all of our assets before we die, and max out their usefulness this side of eternity; I subscribe to the slightly less hardcore but equally fun “skier” approach – that is: “Spending the kids’ inheritance.” They won’t be seeing a penny.
