Monday, November 29

‘Heredity is a problem’: parents on what they will leave their children | Money


Daniel Craig has become the latest celebrity to say that he will not leave his entire fortune to his children, remarking that “Inheritance is in bad taste”.

Six people who are lucky enough to be able to pass on an inheritance talk about their plans for the future.

‘Inheritance takes us further away from meritocracy’

Daniel Wilson, 48, Cheltenham business owner.
Daniel wilson

We have four children between the ages of 14 and 22, and as long as I live I will support my family as much as I can. We have helped two of them with university accommodation, but there comes a point where they need to support themselves. It’s about my 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.

Inheritance is a problem as it takes us further away from the meritocracy that the UK has tried to build since the war. It is outdated and useless. It prevents the next generation from having a fair chance, whether in education, employment, property, or any other opportunity, and it is self-perpetuating.
Daniel Wilson, 48, business owner, Cheltenham

‘I want to give it back to the next generation’

Carol Wakeling, 63, retired teacher, North Devon
Carol Wakeling

I have two daughters, 35 and 33, who have not been able to climb the property ladder. If they had a better paying job and could get mortgages, I could help them both with deposits. However, escalating property prices is putting this even further out of reach. Although I would like to see them able to become homeowners in my lifetime, I fear this will never happen. Therefore, I am determined to pass my property on to you when I die.

One thing that fills me with forebodings is the idea that I might need long-term care in the future, which could take away all of my estate and mean there would be nothing left for my children. My grandmother had a stroke when she was 80 years old and when she died nine years later, my mother had nothing to inherit. My parents’ generation and mine have been fortunate to have benefited from affordable housing prices relative to salary. I want to pay tribute to the next generation, especially since their economic outlook is much more difficult than mine.
Carol Wakeling, 63, retired teacher, North Devon

‘There are more important uses for it’

My son has an IT job and earns good money so he doesn’t need mine and there are much more important uses for him. If I leave you something, it will be only a token gift and I have a good pension that should cover my care needs.

Our culture has come to value the possession of property, things, especially living things. If our government’s failure to address decarbonization and ecological destruction continues for the next 10 years, I will give all my money to the organizations that are doing the best job of persuading the government to act to build a new economic system based on a circular economy. that respects all living beings.
Steve Porretta, 60, Retired Senior Director, Steel Industry, Cardiff

“Why shouldn’t we help them if we can?”

Thanks to luck, rather than judgment, my wife and I have managed to save enough to have a comfortable retirement. Our children are fighting alone and why shouldn’t we help them if we can? So helping them with a deposit on a house (probably around £ 50,000 each) seems like the least we can do. If we die with any of our savings, this will carry over, but it won’t be a large amount.

We firmly believe that the gift (while we live) should be just that, without taxes, but that a part of what we leave after we die should go to the state, since the redistribution of wealth is really important. We think it is too bad that some children have been raised with the expectation of never having to be alone, that somehow everything will be arranged by Mom and Dad’s bank. The way the rich hoard their money and manage to spend it, largely intact, is very wrong.
Gary, 61 years old, Reading

‘We will leave our inheritance to charities’

Andy Borthwick, 75, former senior education official and overseas consultant, Petersfield
Andy Borthwick

I have always made sure that my four children (two are stepchildren) are encouraged to stand up for themselves. Everyone has “stumbled” occasionally and I have been able to provide some support, but always on the basis of “I will help those who help themselves.” I have seven grandchildren (ages 21 to six) and I treat them the same way.

I have £ 100k of money and a house that is currently worth around £ 400k. I keep it for my wife and myself if any of us need care, why shouldn’t we use that money to pay for ourselves? We have agreed that we will leave our inheritance half and half to a charity in the UK and another dedicated to support abroad. We have informed our children of our decision and they, without exception, fully support us.
Andy Borthwick, 75, former senior education official and overseas consultant, Petersfield

Jen M, freelance writer, 52, London
Jen M Photography: Jen M

‘I think it’s a child’s right to have it’

I don’t have much, so my son, who is five years old, will receive 100% of my legacy. I think it is the right of a child to have it. Obviously, if it is a huge inheritance and the children are well provided for, the rest can go to charity. It is incredibly important for people who suffer from long-term illnesses, disabilities, or who have limited opportunities to climb the property ladder, that they must survive without constant fear.

Single women are hard hit by adversity, changes in the job market, and age discrimination. Many people are a paycheck from homelessness. In big cities it is even more important that 100% of one’s inheritance goes to much less fortunate and struggling descendants who do not have even half the privilege of a generation ago in terms of home ownership, lifetime jobs and lack of incredible student debt. This is not the generation of spoiled children with much right. It never was. Maybe 1%.
Jen M, freelance writer, 52, London


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