Inheritances! Are they okay? Should I give my kids one?

[ExcuseMyIgnorance]

The thought of giving your kids a better life than you had is something to cherish. However, I see a lot of losers driving Porsche's just because they got an inheritance. Well, not a lot but I know a few. Anyway, what's your opinion on inheritances? Should I pass the money on to my children or give it away to charity when I die?

I really don't know.

[Spiffster]

I plan to put my kids through college and thats it. They will be much better off than myself, and hopefully wont develop a sense of entitlement. I suppose will leave them enough for a modest funeral and to have my remains incinerated, but the rest will go to charity... if I can find a good one that wont just waste the money on marketing and overhead.

[feh]

The thought of giving your kids a better life than you had is something to cherish. However, I see a lot of losers driving Porsche's just because they got an inheritance. Well, not a lot but I know a few. Anyway, what's your opinion on inheritances? Should I pass the money on to my children or give it away to charity when I die?

I really don't know.

I think it depends on your kids...would they use the inheritance wisely, or waste it?

You could try to control access to the money through a trust, but trusts aren't bullet-proof.

[ExcuseMyIgnorance]

I think it depends on your kids...would they use the inheritance wisely, or waste it?

You could try to control access to the money through a trust, but trusts aren't bullet-proof.

I don't have kids yet - just trying to plan ahead. If they're anything like me, they will use it wisely.

[moneybags]

I don't have kids yet - just trying to plan ahead. If they're anything like me, they will use it wisely.

I have kids, and agree with your statement. They will get it all. As long as I'm alive, I will continue to educate them on money, investments, etc. I have told them who to ask for advice if I die anytime soon.

[GrimJack]

The thought of giving your kids a better life than you had is something to cherish. However, I see a lot of losers driving Porsche's just because they got an inheritance. Well, not a lot but I know a few. Anyway, what's your opinion on inheritances? Should I pass the money on to my children or give it away to charity when I die?

I really don't know.

How do you know they are losers? How do you know they just got an inheritance? Why do you care what other people do with their money? If you raise your kids right, you will know what they will do with their inheritance - will they dance on your grave? If you want to control what you leave behind, have a lawyer write you will.

[elessar78]

As someone who has been told of an inheritance from my mother—and I hope not to receive it for many many decades—I plan to honor her with its wise use when that day in the very distant future comes. It will be either in the form of one or two pieces of real property or the cash from its sale and possibly other financial instruments.

I don't have a lot of wants and whatever wants I do have are simple. Certainly no Porsches.

I think it's the values you impart to your children that will determine how they use it. My mother believes in investing it wisely and buying property with it. Property will probably be what we do with it.

[MakeAStash]

An inheritance is fine to give to someone who has already earned his/her own money. Leaving a significant sum without restriction to someone who has yet to finish school could do more harm than good.

[JonnyP]

Our duty is to help our child to stand on his or her own feet. But there's nothing wrong to give them something in inheritance