Leaving a Legacy
I was talking, okay whatsapping with my sister today and it got me thinking about inheritance or rather what would I leave to my children after I’m gone. It all started like this. She is a little upset with my dad.
They were having dinner with some of dad’s friends when someone suggested to dad to invest his money into commercial properties. It brings better yield than letting the money sits in the bank. Dad answered that he is happy with his current financial status and that he doesn’t want the extra work/effort of managing the properties. Fair enough.
Then the bomb dropped. He continued by saying he wants to check himself into one of those luxurious retirement village / elderly care home when he is older and lives off his savings (by the way, dad is only in his 50’s now). When he passes on, he would donate all his money to the elderly care home. He won’t leave anything to any of his children.
Bang! That felt like a slap in the face to my sister.
She told me she wasn’t upset by the fact that dad doesn’t want to leave us any inheritance but it was the way he said it; it apparently sounded like we are desperate for it.
Funnily enough, I was not upset or remotely affected when she relayed the story to me. I feel that he has his right to spend the money whichever way he wants. It is HIS hard-earned money. Besides, family is just not my dad’s strongest suits. He is not a kid person. He admitted it himself. He doesn’t really give hugs or kisses to us or any of his grandchildren. I’m surprised he has 3 children.
Anyhow, this brought me to my thoughts. Would I leave my children any inheritance when I leave the world? Probably not all of it. I would love to set up a trust fund for them and their children to use towards education. Beyond that, if they want good things in life, they would have to work for it themselves – not handed to them on a silver platter. I’d rather leave them with strong values and principles in life that would guide them through their darker days.
I’ve asked Nick. He agreed with the education fund idea, and he has actually started a company that he could pass on to our children. To him, that is his way of leaving a legacy for our future generations.
Have you thought about how you would leave a legacy or your possessions? If so, do share if you agree with our plans or if you believe in keeping everything for your children and hope it will lessen their burden in life?
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I was just thinking on it the other day. My 9yo already has a trust fund set up, and so I wondered what would be the point of leaving him my savings if I dropped dead tomorrow. Altho, if his obsession with video turns into filmmaking, I suppose he'd appreciate the funds. I like that your father is donating funds to an elderly care home. They're expensive and I feel a lot of seniors get forgotten by the world.
I was just thinking on it the other day. My 9yo already has a trust fund set up, and so I wondered what would be the point of leaving him my savings if I dropped dead tomorrow. Altho, if his obsession with video turns into filmmaking, I suppose he'd appreciate the funds. I like that your father is donating funds to an elderly care home. They're expensive and I feel a lot of seniors get forgotten by the world.
Hb and I have been thinking about it and agree that it would be quite difficult to be able to leave a lot of cash for the kids in the future as the way it goes not they will definitely need to be able to be self sufficient when time comes..As long as we don't incur debts and pass it on to them I think that would be the best.
Hb and I have been thinking about it and agree that it would be quite difficult to be able to leave a lot of cash for the kids in the future as the way it goes not they will definitely need to be able to be self sufficient when time comes..As long as we don't incur debts and pass it on to them I think that would be the best.
I believe in teaching our children how to live a meaningful and fruitful life by making informed decisions and to always grow spiritually. Providing them with enough money and basics in life and having them know how to utilize it as well as generate enough or more for themselves and their love ones without breaching spiritual values.
I believe in teaching our children how to live a meaningful and fruitful life by making informed decisions and to always grow spiritually. Providing them with enough money and basics in life and having them know how to utilize it as well as generate enough or more for themselves and their love ones without breaching spiritual values.