Who would get your millions?

will-testament

I remember reading long ago about Bill Gates planning to leave the bulk of his wealth to other people rather than his then only child.  I can no longer find a link to whatever article it was where he said that but I did find the one below from Warren Buffett, who has similar plans.

From Woopidoo.com The frugal billionaire had no intentions of leaving the bulk of his billions to his children as he felt it would be more of a burden than a blessing to them. He once remarked that “I want to give my kids enough so that they could feel that they could do anything, but not so much that they could do nothing.”

This idea of not leaving it all to the kids is interesting.  My kids will inherit my millions in the form of books, thousands of scribbled papers, a pile of laundry and music (sorry kids).  I think there are some who would see Mr. Buffett as a horrible person for not giving away his money to his family.  Just the same, others would say he’s doing an amazing thing by forcing his children to make something of themselves, rather than money making them into something. 

I’m not sure which I would choose.  I can see the benefit of giving my children the money.  They could have the opportunity to do and be so many things.  They could also fall into a pattern of being lazy and feeling as if they were privileged above others (not a good thing).  I think a lot would depend upon when they would recieve the money, if they had to wait until they were 30 versus 21, and if rules were attached to the inheritance.

It’s an interesting question so I pose it to all of you.  If you had a few million to your name at your death, would you give it all to your kids?  Or do you believe they should have to earn it themselves?

20 thoughts on “Who would get your millions?

  1. It depends on how much money we're talking about. I would leave enough to my children so that they would not have to work in a traditional job if they did not want to (owing probably to my dreams of being a musician not meshing with my dream of supporting a family). Above that I would probably either spread it to other family members in a similar fashion. If I still had more, then I'd be looking at alternatives like charities, scholarships, or whatever.

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  2. I think I'd split the difference, family and charitable organizations. I'd have to attach some rules to it, maybe dole it out in segments. “When you graduate college you can have x amount. If you become a stripper I'm taking x amount back.” I could always have them bury it with me. Won't I need some cash where I'm going?

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  3. My fist instinct is so say, yes I want to leave me children everything that I have… but if I knew that my millions would interfer with the ideals that I have hope to be teaching my children I would have to rethink. I want my children to know the value of hard work, the joy of earig the prize. At the same time, I would love for my children to not struggle in their own life so much that they feel they can't spare a penny to help other's in need.

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  4. I wonder if leaving money in a trust with istructions that each dollar they earn is to be matched would help them so they could choose what to do with their life, but at the same time not limit the possibilities.

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  5. You raise an interesting question. We recently redid our wills. We DON'T have millions, but any money that is going to the kids doesn't get disbursed until they are 25 (or 30 – I already can't remember) and is protected from a future spouse in a future divorce….just in case. Doesn't that sound horrible????

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  6. “I want to give my kids enough so that they could feel that they could do anything, but not so much that they could do nothing.”I like this. Or like the others have mentioned, Have the money be doled out at certain ages.

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  7. I have read that Mr. Buffett paid for all the kids and grandkids to get a college education-which I think is great.I look at the Paris Hiltons, and so forth, and wonder how much more could they do if they had to work for what they have…We had to work for what we have right? I am more inclined to follow the Mr. Buffett example…but I don't have to worry that much about it, if you know what I mean~

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  8. I think I'd split it between the Princess Nagger and charity. I do like Warren Buffett's take, though “I want to give my kids enough so that they could feel that they could do anything, but not so much that they could do nothing.” If I had millions, I wouldn't want PN to just be a stereotypical 'Trust Fund' kid that never amounts to anything on her own merit.

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  9. I don't think Buffett or Gate's kids need to earn money. But I agree those kids shouldn't be trusted with billionaire fortunes. They'd likely mismanage and squander it, not put it to good use. Give them enough to be happy, and give the rest to worthwhile causes run by trusted money managers. That's my 2cents (or is it 2 billion?)That said – my kids get every last dime from me!! Woo-hoo!!! 🙂

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  10. My child, yes. ANd scholarships for children who have no means or readily available funds for college, yes. And charities helping children survive tough circumstances, absolutely yes.

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  11. I'm pretty sure this isn't going to be an issue for me, but I would leave most of it to my children and the rest to various charities. Hopefully, I will have instilled good values to them while I'm alive so I won't need to worry.Or I could just leave it all to my cat.

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  12. The standard.. Split it with the kids.. But the thing is.. The more kids I have the less money they get..:I'd also give some to family. whether it's nieces or nephews that haven't gone to school to pay for their school.I'd also like to start a scholarship..and just be buried with it..

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  13. I would leave enough for my kids to have a little fun, a good portion to charity, and enough to have my ashes spread all over Paris. You know, one last vacation for me. 🙂

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  14. I have thought of this quite a bit. I want my children to understand what it means to work. But at the same time I want them to benefit from the opportunities that the money can help to provide.So I'd probably set up some sort of trust which they wouldn't have access to until they reached a certain age.

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  15. I would totally give it to my kids, but not all at once. I'd set up a trust where they'd get different amounts as they grow. If somebody had given me a chunk of money in my early 20's, I would have blown it on stupid crap. When you get older, that's when you really understand how much you NEED money.

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  16. I've seen these cases where the parents don't leave anything to the kids and I'm not sure how I feel about it. On the one hand, we want our kids to make a life for themselves but on the other, if we're rolling in money, why not share the wealth?

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  17. I've seen these cases where the parents don't leave anything to the kids and I'm not sure how I feel about it. On the one hand, we want our kids to make a life for themselves but on the other, if we're rolling in money, why not share the wealth?

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