Is leaving all your inheritance to your children unethical?

[brasty]

I have been reading this article which argues that if you are leaving an inheritance to your children, that you should also leave some money to charities who help disadvantaged people, in recognition that not everyone inherits. It argues not to do that is unethical.
I think I agree, unless the inheritance is a very small amount - under £5k.

www.theatlantic.com/business/archive/2017/12/ethics-inheritance-nussbaum-levmore/547934/

Family first. Every time.

If I wasn’t able to leave all my assets to my children I’d blow most of it in the last 20 years of my life instead ....

Mostly on assets for my kids ...

Not at all, it was my decision to bring them into the world. Life is tough, if I can help with the bills I will.

Famiły first here too with a gesture to the pet charity we support.

Why should people work hard all their lives and save only to give it to someone who didn't? The disadvantaged often have the option to change their lives but don't as the state gives them a high standard of living.

Micah that's not at all correct. If you die without a will depending on the size of your estate it is split between your spouse and your children (and potentially grandchildren if any of your children have died) based on intestacy laws

I got fuck all when my dad died - i was a teenager.

House- would be worth 750k now, went into my mums name. Mortgage paid by life insurance.

Other life insurance- in my mums name.

Work pension (huge- big lump sum and she is currently on a 40k/year pension).

Car was a works car, signed over to mum as part of the pension agreement.

Would i not have inherited directly because i was under 18? Or because there was nothing in “real” terms, no cash or assets that weren’t part of death benefits?

20 years later and all that’s left is the annual pension, which obviously will end after her death.

What are intestacy laws? Doesn’t it all go to spouse below a certain amount? Would assets include house if the house is joint tenant? I thought that meant deceaseds share automatically goes to other tenant?

If house is jointly owned it automatically transfers to the other owner and cannot pass under any will or intestacy if no will.

That's what probably happened and the remainder under the £250k threshold so all to spouse. Pensions etc don't usually pass under will or intestacy but directly to the named beneficiary usually spouse.

That’s just it though?

How many of us have more than 250k lying about if you exclude house and pensions?

In reality children are likely to get very little if you are survived by your spouse, unless you are very thorough re. Tenants in common, naming them as beneficiary etc...

In fact i need to re look at mine. Kids definitely get the house, but i think all life insurance/pension will go to dh as i’ve not named beneficiaries..

Meh, I WANT my DC to have any advantage I can give them, regardless of how fair it is. I expect most loving parents feel the same.

If you cut out a spouse they are able to claim against your estate. Most people leave all to spouse then to kids if spouse pre-deceases, or to spouse on a life interest trust then kids if they want to ensure kids get something. Its not usual to cut out your spouse in favour of your kids.

We have worked very hard to earn what we have. We will make sure our children benefit from that. We give to charities in our lifetime, and volunteer our time generously to them - as have our children. There is nothing unethical in providing for your children - quite the opposite in fact.

We have worked very hard to earn what we have.

I don't have a problem with you leaving everything you have to your kids, Tapandgo, but this reason completely ignores all the people who work really, really hard all their lives and still don't have anything to leave to their kids.

Well Archery - yes - exactly why I inherited nothing from my family! I would not have expected other people’s parents to ‘donate’ to me, who by working already contribute to the social security system, pay heavy taxes, volunteer unpaid to charities (as a responsibility) contribute financially to charities and have to save to provide for their old age and care - and hopefully have something left to gift to their children.
Life isn’t equal - even in communist systems. I knew I had to burst a gut and sacrifice loads to get up the ladder which was never in reach in my childhood - and burst a gut to provide for my kids. If that is unfair then I’ve already paid a heavy price in working hours, health and stress to get to this point of unfairness!

God no way, mine is going to DD (perhaps a wee amount to the local cat rescue). The money I inherited from my DM (under 100k) has made a huge difference to our life and continues to do so, I want to make that difference to my own child too.

There is no getting around the fact that as humans, we are fundamentally selfish, and any discussion over inheritance struggles to get over that obstacle. Picketty wrote that we are seeing a greater return on capital than on growth in the economy, and therefore widening inequality. We know this is a bad thing.

But almost all of us, when it comes to our own inheritence, we say that we worked hard for it, and we deserve to pass it on. Selfishness wins out here (and I'm just as guilty here)

If that is unfair then I’ve already paid a heavy price in working hours, health and stress to get to this point of unfairness!

Lots of people pay that heavy price and still have nothing to pass on. I believe you should be able to pass on your assets as you wish, but please acknowledge that you're lucky that your hard work paid off in the form of financial gain whereas many others' didn't.

There is no getting around the fact that as humans, we are fundamentally selfish, and any discussion over inheritance struggles to get over that obstacle. Picketty wrote that we are seeing a greater return on capital than on growth in the economy, and therefore widening inequality. We know this is a bad thing. But almost all of us, when it comes to our own inheritence, we say that we worked hard for it, and we deserve to pass it on. Selfishness wins out here (and I'm just as guilty here)

A million times this. Abolishing inheritance is probably the right thing to do for the collective good. However, deep down we are programmed to look after our own. And over riding human nature is a difficult thing to do.

I disagree. My son is vulnerable and disadvantaged in a different way, but he will need our inheritance in the form of a Trust fund income to live appropriately when we are no longer here. My daughter, as someone who will be a guardian for my son also deserves what we leave her. Having said that, how my Mum decides to gift her estate is up to her and I don't think I am entitled to it.
I've also seen plenty of charities behave unethically and betray the object of their articles, so being a charity per se does not determine your ethical behaviour

feck that anything I've got is going to kids although I'm hoping to have a great time spending as much as I can. Bugger charities and their bosses on a fortune a year they can kiss my ring

Tapdango I've got no argument with any of that. It's just characterising "I've worked hard" as a reason for inheritance does, however you slice it, ignore that plenty of people also work hard and end up with nothing.

So who looks after the the inheritance?! Corrupt officials who spend it on themselves and the it families! No thanks!

Archery - and some people die before they get to retirement age to enjoy the pension they have paid into.
And yes - some people work hard just to keep head above water - but advise I say, that is why we pay into a SS system wether we use it or not and why we give to charity. But none of it is an argument for not helping your children benefit from the rewards of your hard work!
I’d be one for abolishing unearned privilege - like the money pouring into the Royals and their hangers on in grace and favour appartments. But earned reward - that is different.

I for one would have retired at 30 if I thought my money earned by my own labour was to be removed from my children!