He Upset His Children After Revealing To Them That They Won’t Be Getting An Inheritance, Because He And His Wife Are Spending That Money
Talking to family members about money can be a stressful situation, especially when it comes to talking about wills and inheritances.
One man recently upset his children after revealing to them that he and his wife don’t plan to leave them a bunch of money when they pass away and that they’d rather use their funds for themselves.
He and his wife are both in their mid-40s and have three children. They have two daughters, ages 20 and 17, and a son, who is 11. He and his wife work full-time jobs.
“We’ve both worked hard to get where we are in our careers, and thankfully, that means we’re able to provide a good life for our kids,” he explained.
“We aren’t rich, and we don’t live beyond our means, but combined, we make about 300K per year.”
Recently, they’ve been thinking a lot about how they’d like to live out the rest of their lives and what they plan to do with their finances.
If he and his wife both work super hard for another 25 years, then they’d end up with enough money for a decent retirement and a large sum to leave behind for their children when they pass away.
However, that’s not the kind of life they want to live.
“The thing is that we don’t want that for them or us,” he said.
pololia – stock.adobe.com – illustrative purposes only, not the actual person
“We worked hard to get where we are, and we intend to enjoy the rewards of that before we’re elderly. We also don’t want our kids to be counting down the days until we die so they can get our money and never work again.”
He and his wife decided they’d continue to work until their young son graduated high school. Then, they’ll use their money to travel and live their lives to the fullest.
Of course, they’ll set aside some rainy day funds, but they’ll want to use up a lot of their money for adventures. The plan is that their children will get a portion of whatever money they have left after passing away, but the kids shouldn’t expect to receive anything big.
They avoided having a conversation about their financial plan with their kids for as long as possible. However, he recently had a health scare after being treated for a precancerous mole. Eventually, he was asked by his eldest daughter what he and his wife wanted to do with their money.
“I explained the money situation,” he recalled. “This really upset her [and] she accused us of caring more about partying than her and her siblings’ wellbeing.”
He tried explaining to his daughter that he wants her and her siblings to work hard and make their own way in life versus waiting around for a handout. However, she was still very upset and even told her sister, who is now also angry with him.
He thinks in the end, what he and his wife want to do with their money is not their children’s business. However, now he’s starting to feel bad for not telling them what they were thinking sooner.
Do you think his financial plan is unfair to his children, or is it reasonable?
You can read the original post on Reddit here.
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