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Should children be entitled to a share of their parents' estate?
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I have read a number of stories of children being left out of parents'/parent's wills, often as a result of the parent marrying again and having other children. In same cases children are left out of both parent's wills due to the relationship breaking down.
I know in some countries, offspring have a legal right to claim a share of a parent's estate, so do you think this should apply in this country also? Should children fathered out of wedlock also have a claim to their father's estate, even if they had nothing to do with his family life?
I know in some countries, offspring have a legal right to claim a share of a parent's estate, so do you think this should apply in this country also? Should children fathered out of wedlock also have a claim to their father's estate, even if they had nothing to do with his family life?
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Though I suspect the only person who gets rich from this is your legal representative.
I disagree. Once you have a child, you have an unconditional duty to provide for that child. Baring very exceptional circumstances (e.g. the abuse of the parent/s by the child), parents who cut their children out of their wills are revolting.
That's actually in virtually all European countries. I believe that England and Wales are the only countries where people do get the choice. My sister and her husband live in Belgium, and they decided that as they are knocking on a bit, they would make a will. The lawyer told them not to bother, because the kids will all get an equal share of the estate, and they can't do anything to change that.
I believe that people should be allowed to choose who they leave their money to. Imagine you have three children, and you pay for two to go to university and go off abroad and make a fortune. The third one doesn't go to university and gets a low-paid job so he can stay nearby and look after you. You may decide that in recognition of his sacrifice you will leave your entire estate to him. And it doesn't even have to be a relation, it could be a friend of yours who has helped you out over the years. As long as the testator is of sound mind, he should be allowed to leave his money to whomsoever he wishes.
Whilst they are children, not when they are adults.
Most people do provide for their children right into adulthood. Doesn't mean you still have to be doing it after you're dead. What if they are selfish little s***s that just abandon you when you're old and need their help? It happens a lot.
What would you do instead ?
Like I said upthread, in most countries they don't have them because the civil code decides who gets what.
Says who?
Virtually every animal on the planets cuts their kids loose once they are old enough to fend for themselves - why is it different for humans.
You have a duty to protect them and provide for them until such time as they can fend for themselves - I would agree - but beyond that its largely up to them.
I know it's not nice to think about, but everyone should have a will, it makes things so go smoothly at a very difficult time. I cannot stress the importance of a will enough.
It shouldn't be upto the state to decide where an individual's money goes.
What if a member of family has been disowned, for whatever reason, and that person is then given a sizeable chunk of the deceased estate, just because the state sees fit? How would that be fair?
It should be upto each individual how and where their estate goes once they're no longer around. There is no other fairer way than that.
Totally agree with you, if you've worked and saved or bought a house, you should be able to decide who it goes to. Otherwise just spend the lot before you die
I agree. I was just explaining the situation in most European countries.
Yep - i'm going through the pearly gates in a Bugatti Veyron, backwards in a ball of flame.
I can't afford one. I'm going to hell in a handcart.
Depreciation
I'm in my early 20's and don't have this sense of entitlement, never have, never will. Everything I have, either I've bought or it was a gift(s) off my mother after going through 18 months to two years of hell. If I want something, I never go to my mum (or anyone), I always save for it, then buy it, hence why my broken laptop is still broken.
Not everyone has a sense of entitlement, it's actually very few.
100% agree.
I left home @ 16 to join the RAF and I've been financially independent of my parents since. If, when they die, they have left everything to the local cat's home, or they spend every penny doing what they want to do then I say fair play to them.
I certainly wouldn't want my parents to put their lives on hold to protect what they might see as my inheritance. They have worked hard all their lives for what they have and it is up to them what they do with it as far as I'm concerned.