I was reading a post on another blog and the blogger was talking about it being her responsibility to leave her children/grandchildren an inheritance. I'm wondering if this is the case in different countries.
I thought Wow, I'll leave enough to pay whatever debt I may still have at the time and leave enough to deal with my death but otherwise, I'm spending the money I worked for, I'm not planning on leaving my children/grandchildren an inheritance (although there will probably be one).
What about you, do you think you are "responsible" for leaving your heirs an inheritance?
Wednesday, August 5, 2009
What Do You Think Is Your Responsibility?
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33 COMMENTS:
I think you should make sure you have enough to cover bills and funeral arrangements - you don't want to cause any hardship for your kids, but as far as it being a responsibility, give me a break - once parents raise their kids they should party like crazy, they deserve it. If there's some left well, that's a nice treat.
I'm with you on this one. I won't leave any debt for them to have to worry about, but they aren't getting any money. I'm spending every dime. Let them work for theirs like we worked for ours. I love them but I've always lived by the...No good deed goes unpunished.
Have a terrific day. :)
Nah! I told my parents that they worked so hard for so long to give us a good life that they deserve to spend every last dime on themselves now that they're retired. I'm doing just fine.
I for do not have to worry a bout leaving an inheritance.never had children.
Instead of saying it is inheritance, probably I will say enough money for them to take care of my debts, any arrangements after my death and something that could help them along especially if they are still minors and dependent. And if they started working, they should be on their own.
I want to leave my kids a legacy but I certainly don't see it as my responsibility. My plan is to gift them things that will help them and to leave them each something special when I die: but how that special is defined is up to me :)
I certainly don't feel like I have a responsibility to leave anything to my grandchild. I prefer to give him as much as I can while I'm alive though. I'm starting a savings account for him and will add money instead of a lot of expensive toys that he probably wont appreciate anyhow for birthdays and special occasions so he will have a head start on that all important 1st car or motorcycle.
I have helped my kids all through their lives. I have already told them they won't get much when I am gone. I might have a little left in my 401K.
I think the thought of having to leave some inheritance is mostly an out dated concept.
No I do not think it is a responsibility at all. It is kind, and it is nice, but not a responsibility. I don't think that teaches them to stand on their own, and be responsible for themselves. I do agree though that they should not have to assume your debt, or pay for a burial that was not planned for.
I have been thinking about this. I just do not know. Mom and Dad had always said they only wanted to leave enough to pay debts and funeral. However when Mom died there wasn't enough to pay for the funeral and cover her debts. I was able to get some of the debts forgiven and had to help dad pay and close accounts. It was not easy.
I think the older you get the more it is important not to carry debt and try to figure out funeral cost. As to leaving money for Older children out of the home,no. But, if you are Well To do then leave a Trust, protected from Money hungry kids, grandkids, brothers, cousins and every one else that comes out of the woodwork after ones dies. I think Trust are the way to go. Every thing will be taking care of.
I don't have kids but I'd like to think that my parents will make sure they have enough to cover funeral expenses and any outstanding debt. Other than that, they worked hard all their lives so they should be enjoying their money. My MIL has the funeral arrangements covered and she has no debt so whatever she decides in a will for her house is completely up to her. If she wants it sold and all the money to go to the local shelter then who can argue that.
I'm with you. Your responsibility is to take financial care of yourself. It's not your responsibility to leave any money to anyone. Nor is it your responsibility to pay for your children's college education as some parents seem to believe. Guess who agrees with us? Suze Orman!
We give as much as we can to our children and grandchildren, but we are spending as much as we can for OUR time left. We earned it and plan to enjoy it!
I don't think there would be anything left to leave....lol Seriously though, I did get an inheritance when my father died, but I'm not as frugal as he was so IF there is anything left over after I'm gone, I guess the two kids can battle it out.
I think we would all love to leave our children something. Does it have to be money though?
AS mentioned customs differ in each country. Personally as long as I can leave my children with an understanding of love, happiness and respect for each other...then my job is done. I have not worried so much about what to give them when I die but more so what I can give them while I am alive:)
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i know what you mean. i really cant afford to be putting any money away, but i am considering a will so at least the kids would get the house and belongings
A really good question, and for me, a complicated one. I adopted all five of my children from the foster care system. They came with issues, and though they are all doing better as adults, many of those issues remain. For the most part, my children will never earn what I'm making, will never have the education that I've gotten, and will not have the retirement savings that I do (even though I don't have a lot, having made a late start on retirement planning). So, yes, I do feel a responsibility to leave them an inheritance--essentially seed money for their retirements. But I have to take care of myself first, and I do not intend to impoverish myself to leave an inheritance for my children.
This is an area that we will most likely never have to face...LOL!!!
We don't have enough to worry about leaving.
They all have much better educations than either of us and more money! The youngest is married to a DR. and my oldest is a professor.
We do have 2 who will need to be taken care of after we and their mother...they are from Walter's 1st marriage....are gone.
But, the other 2 girls have already agreed to that responsibility.
About all we will have left is this little modest home out at the lake.
So my answer is no I do not think it is my responsibility at all. We helped them get where they are today. That was our responsibility.
Although, I do wish we did have more to leave. But, we don;t and there stuck with us!!
So sorry was away so long Deb but I finally had to give in to weeks of pain and see the DR.....diagnosis...pinched sciatic nerve..and it hurts!!!
Happy weekend!!:-)
I don't think it's a responsibility at all. If there's enough left then it would be nice for them but I wouldn't worry about it.
Have to win the lottery first though, nothing much to leave as it is!
If you have enough to give, why not? Who will take over your house and other material assets when you're gone? I think family should have it rather than it going to charity. Like that famous quote: "charity begins at home."
Maricris
http://zenforyou.dalefg.net
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When I die (which, at 66, I hope will not be before I am 95), my wife will have nothing to worry about financially. She will have a regular income, no debts to pay and have an apartment, with mortgage fully paid.
Other than that, I will leave nothing behind. I spend my money and have a lot of fun. One lives only once (up to 95).
State of my health made me the dependent on my family, thus life taught me the gratitude for all I have, and the above is my only responsibility till my last breath.
Yay...i am up at least for now Deb. Wow now I have a whole new range of drugs if you need any advice on.
I have had back problems all of my life but never anything like this.
I hope I never have it happen again!! Thanks for stopping in while I was down and out!
I hope you have a great week!
Jackie:-)
I have spent the first half of my life raising and supporting my children. I will spend the second half of my life raising and support children again. My husband has a life insurance policy that will take care of me and the little ones if something happens to him. We are leaving nothing to my grown children. They got enough while we are alive. Everything we own will be left to the little ones, and hopefully they wont be little anymore by the time they get it. We do feel because we are older, that we have a responsibility to make sure the little ones are ok. The older ones..too bad.
No, it is not one's responsibility to leave children and grandchildren $$. My mother just passed and I helped Dad with all the arrangments, soon thereafter we made some arrangements for him. Both my folks liked to know things were taken care of. Even as my Mother was dying in the hospital, she asked Dad and I to go and make the funeral arrangements. She was relieved to know it was done. Dad and I have things arranged at the cemetery, though we've not made funeral arrangements, we've discussed his wishes.
I think kids who expects their parents to do without in order to save for them are selfish. People work hard all their lives they deserve to relax, vacation etc. They should enjoy the fruits of their labors.
Sandy
traveling suitcase
Absolutely not...leave enough to pay any outstanding debt but don't/didn't we provide enough while we were living and at what point do we say "Enough" the bank of Mommy and Daddy is closed. Why should we deprive ourselves at a time of our lives when our earning capacity is diminished or non-existent just to leave money to people who are still in their prime earning years?
I'm totally with you on this one, we're spending what little money we do have.
In Proverbs 13:22 it says "A good man leaves an inheritance for his children's children....
This may be where the blogger got the idea of it being a responsibility. I don't know that it means that. I didn't inherit money from any of my grandparents or my parents, but I have a wonderful inheritance of wisdom and joyful memories. I can spend that inheritance all day every day and it will never, ever run out.
I feel under no obligation to leave my kids an inheritance, but my folks had darned well better leave me one.
I'm just kidding. Seriously.
Frankly, I've watched my mom and dad work hard for as long as I can remember to save up a considerable amount of money. My hope for them is that they will spend it and enjoy it in retirement. I can think of nothing sadder than to save, invest well and then die before the results of all that careful planning can be enjoyed.
My brother and I can look after ourselves.
The Hawg!
this isn't a easy choice.....atleast for me........
both the things are good.....to spend the money to live life to the fullest or to leave it for your grand children.......
thank god i don't have to make this decision rite now.....and think you are much more experienced and can take a better say on this....
hey there, just met you via entrecards.
responsbility? absolutely not. cover debts and bills and funeral cost? that would be nice.
of course, if i CAN, i'll leave them something. right now i have a life insurance for them. not much, but enough for a few vacations.
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