What will you leave your children? Are inheritances a thing of the past?
This is kind of a follow up post to this one, as that post has got me thinking about what my husband and I will leave our children after we’re gone.
I’ve worked since I was around 13 years old doing various jobs here and there. I’m very lucky that I have a good job and have been working in the same company for almost 9 years now.
I’m always careful with money and I always put money away into a savings account just in case a time should ever come that I need it. It may be for a new boiler, repair work to my car or any other form of ‘emergency’.
When I became a mum I knew that I wanted to put money away for our children. They both have a savings account that my husband and I contribute to monthly. We don’t put a lot away, but I believe that a little is better than nothing at all.
When our children are older they may want to use it towards their first car, travelling or maybe even toward a deposit on their first home. Whatever they decide to use it for really.
Just because I’m saving some money for them now, for their future, that doesn’t mean that when they turn 18 or 21 or whatever age my husband and I decide to give them this money, that doesn’t mean that we’ll stop putting money away for them.
It’ll just be a different kind of saving. Saving for their ‘emergencies’ I guess. If they need help, then I like to think that I’d have some money put away that will allow me to help them.
My husband and I are currently struggling to get onto the property ladder and to be honest with you, I don’t see it happening anytime soon. We’re renting at the moment and I think for now that will be our future.
I don’t want to go into too much detail, but I won’t be left an inheritance. That doesn’t bother me for one minute as I work incredibly hard for my money and I will always maintain my independence. I think it’s important to stand on your own two feet.
Having said that I would like to leave my girls something. A little money to help them buy a house and have a good future.
I read an article recently on the Western Daily Express, which said:
A new study shows that the majority of over 65s are unlikely to leave anything to their kids when they’re gone. Does this mean we seeing the end of the British reliance on inheritance?
Almost three quarters of today’s over 65s say they are unlikely to leave an inheritance, according to a study. This may come as a nasty surprise to their offspring with close to one in five 23-52 year olds expecting to inherit a substantial amount.
To me that’s quite surprising. As a mother I’d like to leave this world knowing that my children are well looked after. I may not put a million pounds away for them, but surely something is better than nothing?
I don’t understand how you cannot leave your children anything? I’m not saying that children ‘should expect’ an inheritance. I mean don’t expect one and I know I won’t get one, but don’t people want to leave their children anything anymore?
Are inheritances just becoming a thing for the wealthy?
What do you think? Will you be leaving your children anything? Do you currently save for your children’s future?
11 Comments
Laura Mummy to Boyz
March 4, 2015 at 9:25 am
I'm like you and want to see the boys sorted when they are older. We were fortunate to get on the property ladder when we were young & with a 105% mortgage. We are not likely to get an inherantancy & I think a lot of older people end up using their egg nest towards the cost of their care which is why they ex
Rachel @ Parenthood Highs and Lows
March 6, 2015 at 10:27 am
Other than a house, which will be shared between three of us, I won't get anything. My mum and dad are in their mid 50's, we've all left home and so now they're having the time of their lives – they can go on nice holidays, they've bought nice cars and motorbike, they can eat out whenever they want, done the house up etc, and are so spending our 'inheritance' – and I wouldn't want it any other way. They've done their bit for us, and I think they deserve to spend every penny they own if they want. We will more than likely never own a house, and we haven't got any savings because quite simply we can't afford to put anything away, so unless things change in the future, our kids won't have any inheritance from us when we have gone. #binkylinky
Emily Vaughan
March 6, 2015 at 11:17 am
I feel exactly the same. I'm probably not going to get anything but that's just encouraging me more to leave something for our children xx
bettyandthebumps
March 6, 2015 at 2:02 pm
We don't have a penny in savings, which really worries me. I can't see a way how we could spare any of our incomings but when we aren't paying nursery fees then maybe we can put something aside? If we don't move again then we have a lot of equity in the house, which would go to Gwenn eventually but I can't imagine staying in this house forever. I try not to think about it too much to be honest!!! x
#pocolo
Sophie P
March 6, 2015 at 7:32 pm
We have just sorted our will out, and even though I don't like to think about leaving M, I feel happier knowing that when it does happen she will be ok-ish!! 🙂 #binkylinky x
Zena’s Suitcase
March 6, 2015 at 9:33 pm
I won't get any inheritance, but I do put a small amount away for my children. I wasn't so great at saving for teen, but I'm better with the girls. As you say, it doesn't matter if it's just a little, it will mount up over the years #binkylinky
Catriona Stephen
March 6, 2015 at 9:43 pm
I started a savings account for Osian when he was a few months old. I'm not surprised some people won't have anything to leave behind, I know quite a few people who are just managing to live and wouldn't be able to even if they wanted to :/ xx
Jenny
March 7, 2015 at 8:20 pm
Like you we've been putting a little away for the boys in their own savings account. I've been lucky to receive some inheritance from my grandparents, which has been split various ways (incl savings for the boys again) and we're using some of it for our first family holiday abroad. My parents have inherited a lot and earned a lot, but they intend to spend their retirement enjoying it and going on holidays etc. They help us out whenever we need help (and I don't mean money, although sometimes they surprise us with gifts). the only inheritance that will be left for us is their house, which is fine with me, will help us out. We're lucky and 2 years ago we managed to buy a shared equity house in our area and so only needed a 65% share, which is affordable to us, have you looked into shared equity homes within the local council? It wasn't very well advertised here… Saves us £200 going from a private rented house to a mortgage!
Jay W
March 8, 2015 at 9:03 pm
You've said its a little each month you put away but in years to come it will soon mount up for them. 🙂 It's also the thought that counts. No ones 'entitled' to inheritance and some with millions don't help others, they'll be grateful you've done all you can! :)) Jay || PuzzlePieceLife xxx
Ickle Pickle
March 9, 2015 at 9:37 pm
I will be left small inheritance, but I know many people whose parents have taken out all sorts of policies to leave to their children. I have nothng to leave to mine. Being on my own, it is enough trying to meet their needs now! But who knows what is round the corner #BinkyLinky (Kaz – Ickle Pickles Mummy) x
Mrs B
March 13, 2015 at 1:09 pm
Every little helps! Although the reality is that as our parents l've longer, we'll certainly need some of their money and possibly our own to look after them. I really do doubt I will get anything when they leave this world, but I hope that that's due to them enjoying themselves and not having to look after anyone else.
At the moment, I'm saving for The Madam which will go towards a first car, or university fees (if she chooses to do that) or when she wants to buy a house one day. But if I have any more children then I'll have to make sure that they get the same, so it may not stretch that far!
This post is certainly thought provoking and it sounds like you've got a great plan and your children should be grateful to receive anything you give them.
Bx
#BinkyLinky