Wording a large will, when you have lazy spouses.
Discussion
Nice position to be in, but all my family are lazy maybe because I have worked my nuts off they are used to a high standard of living. One son 12 and one 18 but they are just treading water and seem to have no ambition, I believe that it maybe better to leave the other half house and enough for 20 years and the rest to charity or a trust fund for when they are 40, or something that basically doubles up what they have made by that age, I'm self made 54 and am thinking about preparing myself if jane goodies bus comes along.
What was that chappie from Dragons Den doing? Something about leaving all his money in trusts that paid out only when his kids actually did something. Basically its something about doubling their income. They make £500 then they get another £500. They make £1,000,000 then they get the same again.... now that sounds like an incentive if you ask me...
Peter Jones - that's the chappie.
Peter Jones - that's the chappie.
Is it one of the Dragons Den that has a will which states that his kids will be awarded depending upon what they do in their life?
ie - be a Nurse - get more. Become a Doctor, get more. Do lots of charity work, get more. etc.
Why don't you insist the older one gets a job, or starts paying rent? It might shock him into life.
ie - be a Nurse - get more. Become a Doctor, get more. Do lots of charity work, get more. etc.
Why don't you insist the older one gets a job, or starts paying rent? It might shock him into life.
sussexjob said:
Nice position to be in, but all my family are lazy maybe because I have worked my nuts off they are used to a high standard of living. One son 12 and one 18 but they are just treading water and seem to have no ambition, I believe that it maybe better to leave the other half house and enough for 20 years and the rest to charity or a trust fund for when they are 40, or something that basically doubles up what they have made by that age, I'm self made 54 and am thinking about preparing myself if jane goodies bus comes along.
Are they expecting you to pop your clogs and leave it all to them? If so, as above, I'd start dropping hints about leaving all your money to charity..............
The question is, what do you actually want to do? Get them off their a**es? If so, why not give them each X amount when they hit 21 and that's it. Cashpoint closed (i.e. the money is for them to start a business or similar - oh, do they expect to follow you into your business?).
My dad once told me..'if you can provide for your kids better than what i provided for you....im a happy man!'
So if you want to put everything in trust...till 40...stipulate certain milestones to be achieved on their way to 40..this will gradually get them to benefit from their hard work..and by the time they are 40, the inheritance will be a bonus not a lifeline!
So if you want to put everything in trust...till 40...stipulate certain milestones to be achieved on their way to 40..this will gradually get them to benefit from their hard work..and by the time they are 40, the inheritance will be a bonus not a lifeline!
Mine is set up so that the money gets 50/50 split between the kids. Should I die before they reach 18 some money is released to provide support.
At 18 sufficient funds are released to pay for university (but isnt released if they dont go) and a seperate fund provides a small regular income to help them with their first rental property or whatever.
A sum is also released at 18 to pay for a car (a few £k only).
Between 18 and 25 if they have managed to raise sufficient funds to buy a house then a chunk of money is released to form the deposit and reduce the mortgage burden, said money released on completion.
At 25 50% of remaining funds are released, paid as a monthly income then at 35 they get whatever is left as a lump sum.
They get a one off payment of £1k if they have a child.
All payments are index linked so they would still be worth equivalent amounts in 10 years time (kids are only 9 and 11).
All the above sorted for my by the localshyster lawyer.
At 18 sufficient funds are released to pay for university (but isnt released if they dont go) and a seperate fund provides a small regular income to help them with their first rental property or whatever.
A sum is also released at 18 to pay for a car (a few £k only).
Between 18 and 25 if they have managed to raise sufficient funds to buy a house then a chunk of money is released to form the deposit and reduce the mortgage burden, said money released on completion.
At 25 50% of remaining funds are released, paid as a monthly income then at 35 they get whatever is left as a lump sum.
They get a one off payment of £1k if they have a child.
All payments are index linked so they would still be worth equivalent amounts in 10 years time (kids are only 9 and 11).
All the above sorted for my by the local
bobbylondonuk said:
My dad once told me..'if you can provide for your kids better than what i provided for you....im a happy man!'
So if you want to put everything in trust...till 40...stipulate certain milestones to be achieved on their way to 40..this will gradually get them to benefit from their hard work..and by the time they are 40, the inheritance will be a bonus not a lifeline!
Why would you still want to have control over your children when they are 40?So if you want to put everything in trust...till 40...stipulate certain milestones to be achieved on their way to 40..this will gradually get them to benefit from their hard work..and by the time they are 40, the inheritance will be a bonus not a lifeline!
Seems a bit odd. Who said money can't buy you love.
Baby Huey said:
bobbylondonuk said:
My dad once told me..'if you can provide for your kids better than what i provided for you....im a happy man!'
So if you want to put everything in trust...till 40...stipulate certain milestones to be achieved on their way to 40..this will gradually get them to benefit from their hard work..and by the time they are 40, the inheritance will be a bonus not a lifeline!
Why would you still want to have control over your children when they are 40?So if you want to put everything in trust...till 40...stipulate certain milestones to be achieved on their way to 40..this will gradually get them to benefit from their hard work..and by the time they are 40, the inheritance will be a bonus not a lifeline!
Seems a bit odd. Who said money can't buy you love.
Maybe I should add that when I was 10 my Grandfather left me a shedfull, he remarried and didn't change his will so I lost the lot..in hindsight I was glad, I would have sniffed the lot up my snozzle, so in effect I want to them to understand the fruits of hard work and protect them as a father would.
Edited by sussexjob on Tuesday 17th March 19:37
As a father of none I might be showing my inexperience here, but isn't 12 and even 18 a little early to say they have no ambition? Besides being a racing driver and an astronaut I didn't have much by way of realistic goals at 12, and apart from adding DJ and pimp to the list, nothing much had changed by 18. In fact I'd probably gone backwards.
It was when I was about 20-21 that I had a sudden urge to make something more of myself, went to university, thought seriously about my future and dragged myself into the adult world. Of course it's different for everyone, and your sons may well indeed be perfect wasters, or they might just be teenagers still finding their feet.
Sorry, I am absolutely no help with the will side of things!
It was when I was about 20-21 that I had a sudden urge to make something more of myself, went to university, thought seriously about my future and dragged myself into the adult world. Of course it's different for everyone, and your sons may well indeed be perfect wasters, or they might just be teenagers still finding their feet.
Sorry, I am absolutely no help with the will side of things!
SpydieNut said:
why don't you 'discover' a new love for the charity for retired cats and mention you're going to leave everything to the cat's home.
You shouldn't jest....My Grandmother (father's side) was 'rather well orf' - she got old and ill, so my Dad built a granny flat extension onto the side of his house for her.
She moved over, brought all her priceless antiques and turned into the most miserable obnoxious women you could imagine. We were all terrified of going in to see her.
Eventually she decided it was all wrong, checked her self into a nursing home back into the UK, upped sticks and took the lot back with her.
A few months later she'd died and left the whole lote to her consultant Doctor :shock:
No one here was particularly bothered and we'd assumed she was going to leave the whole lot to Cats Home, but still we were abit pissed that she left nothing to her great grand daughter.
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