Daniel Craig announcing he isn't leaving much inheritance to his kids

[Balgoresboy]

news.sky.com/story/james-bond-star-daniel-craig-says-he-will-not-leave-children-substantial-inheritance-as-he-finds-practice-distasteful-12384357

From reading this articles and other inheritance posts on mn is anybody else sort of shell shocked that one wouldn't leave their wealth, especially that of Craig's, to their kids?

He calls it ''distasteful'', which I cannot understand as you are providing for your kids when you are gone and talks about giving it all away before he goes. I know it is his money to do as he pleases but unless I was estranged from my kids, most of my assets will/would go to them at the time of my death.

I see another news story too where Tamzin Outwaithe says she and her siblings lost out on her mother's will as it wasn't made properly. Again surely if Tamzin is upset there must have being significant money there so again baffles me how people don't make solid wills.

But stars like him are now worth mad sums of money.
Decades ago Sting said that he was not dividing his estate amongst his children and that caused a sensation at the time. But that's the conundrum that the mega wealth face. How do you keep your kids and grandkids feet on the ground and away from stuff that ruins lives, like drugs? No one needs hundreds of millions. A fraction of that is more than most see in their lifetime and pays for a house, cars, living expenses. I'm sure that leaving most of it to charity or a fund is by far a better legacy.

Unless you spend it or give it to charity the kids will end up fighting over it. It’s quite common for the kid who’s not seen their parents in years to turn up when the parents are on their death bed & take the lot.

How do you keep your kids and grandkids feet on the ground and away from stuff that ruins lives, like drugs?

You don't need to give them any money until you are dead. And, in the majority of cases (and if you are lucky) this happens once your children are relatively elderly themselves.

I follow a very wealthy Instagramer (judge me) who said she won't be leaving money to her children BUT will be giving them every advantage while she's alive - so top education, help with house deposit, internships etc. I think it makes sense to help your children live fulfilling lives rather than waiting until mummy and daddy die so they can live a vacuous life of private wealth.

@Debetswell

In France bio or adopted children automatically inherit half of anything you have when you die. Very difficult for those with no dc of their own. When their dp dies they may lose a lot to step children.

We have the same and I personally believe it's fair. There can still be some alterations by will, but it's really not common. No hard feelimgs, you get your x percent, they get their x percent. Simple/ish. There are legal reasons to leave a child out, still but these are prescribed so it can't happen that you have an argument with DC so everything goes to local cat rescue. Apparently lawyers in charities like RSPCA have cases like this on diaries basically all the time. I find the legalities surrounding wills fascinating. Especially when capacity comes into question.

I'll leave whatever is left to my own children.
It won't be much , but charity beings at home.
Daniels kids won't ever be poor I bet !

Inherited wealth is a huge cause of inequality in this country. Look at who owns most of our land, look at who the majority of our rulers, law-makers and decision-makers are. Arguably the Norman aristocracy are still ruling us.

I'd echo what others said - presumably his kids have had great educations, help with houses/house deposits, cars, family connections to access whatever jobs they want.

My family would look like paupers compared to Craig's but thanks to them I had a private education to postgrad level, driving lessons, a car, money towards my first flat, money towards renovations later... if my parents decide that they want to leave their wealth to the donkey sanctuary I'd be fine with that.

(And taxing us for living and working on "their" land, whilst their inheritance passes on with little or no tax).

These days we all hope to live to 80 or more. Even with people having children later our children are in their 50s when we die (if all goes to plan). If they’re not set up in a career and with a home and their own pension savings by then considering the family income they’ve grown up with then something is very wrong and leaving them millions is not going to be the answer.

I’ll do all I can for my dc through life (while ensuring dh and I have enough savings not to be a burden in our latter years) but unless we die before our time, leaving an inheritance is really not a priority for me at all.

I think I read once that Peter Jones matches what his kids earn, with no promise of enormous inheritance to come. This seemed like a really good compromise to me. If I were super rich I'd feel very uncomfortable living a totally different lifestyle to my kids, but at the same time it's not healthy to have everything just handed on a plate.

I think there is an optimum amount to leave your kids, a few million maybe, enough to buy house/educate children, but not enough to remove the need to work and create your own accomplishments. Leaving them more than that is doing them no favours. Leaving them nothing is unkind.

@Lysianthus

I thought you were going to say “Bond” so I’ll get my coat.

Me too!

He’s not the first too say this. Gordon Ramsay has said the same.

I think the Beckham children are an interesting example. I know many of them are still young and still need to find their way in the world. But, using Brooklyn as an example, his parents could have afforded him the best education that money can buy, but other than a failed photography internship, I don't know what else he done of note (particularly that isn't off the back of being a Beckham)

His wife-to-be is the daughter of a billionaire. She stared in a Transformers film, but I believe her Dad financed the film. So, I guess, he will be set for life. But if neither of them have any ethic to work hard, their decedents may have very different life styles.

I suspect Brooklyn Beckham did have a good education but that doesn't always equate to academic success though. He may not be academic after all.

Oh it's you. I think there's a lot that you don't understand OP.

Try imagining yourself into other people's situations and looking at things from their point of view. In most cases that will require acquisition of knowledge, as well as empathy and imagination. In this case, knowledge of the inheritance tax system, as a starter.

Then draw upon your wide reading of fiction and history to see what happens to the children and grandchildren of the suddenly very wealthy. It's rarely good.

enough so that they can do anything, but not so much that they can afford to do nothing sums it up in a nutshell. A lot of self-made rich people view the 'enough so they can do anything' as necessarily very little, because hunger for success, from a low financial starting point, was their own biggest driver.

I imagine he's seen many very wealthy kids/young adults go off the rails/never have a proper job after inheriting ££££?

Bill Gates says the same and I agree....feed, clothe and educate them but anything else is on them.

Ds1 just got his junior isa mature last month. Dh and I saved for 16 years to scrimp and save it for him. There won't be anymore from us and he knows that.

He is a beneficiary in a few peplies Wills but it won't be life changing amounts.

I agree with Daniel Craig.

You can't take it with you.

There’s a huge difference between “providing” for your children and leaving them so much money they never need to work. People who inherit so much they don’t have to work don’t always end up that happy. I think he’s making a positive decision. It’s not like his children aren’t going to have been given a very good start in life as a result of his wealth.

I’ve been lucky enough to have parents who were able to help set me up with a house deposit and pay my way through university. If there ends up being zero inheritance due to care costs (highly likely), they have still provided for me.

Loads of really (I'd go to say obscenely) rich people are not leaving their wealth to their kids.
I think Mark Zuckerberg and Bill & Melania Gates are just three names that jump to mind who have already made this decision and made it publically.
Why is what Daniel Craig doing or not with his wealth making news?? Why is this even news???

There are disasters, natural and man-made going on throughout the world and this is what is making news???

I give up!

Care costs would not make much of a dent for the super rich tbh

What's the average life expectancy in the UK? What's the average age at which people have children? So what is the average age of a 'child' when their parent dies? How much 'providing for' does someone that age need?

Surely providing for your children is something you do while they are children, and young adults.

@SaltySheepdog

Inheritance is the last message to loved ones and a way of caring for them beyond the grave. I’d want to help my children through my will, however I’ve very average assets. Being as rich as daniel is different, you want kids to have a good work ethos, life purpose and be grounded and sometimes silly money can get in the way of this.

There's different ways to care for people.

My kids will get a substantial amounts due to life insurance (their dad died young). That is...substantial to me who came from a solidly working class background, but not actually enough to go near the inheritance tax threshold.

I worry about it. A lot. The entire family is sworn to secrecy about it. Because I don't want them in the position in their teens/early twenties where they take that for granted. I can't even imagine being in a position where it's much much more.

He’s worth millions 🤷

No doubt because it was more tax efficient to set up trust funds for them instead of incurring huge inheritance tax.

I've never understood the culture of 'expecting' to receive inheritance on the back of other people earning the money in the first place.

Utterly greedy.

And no, I"m not expecting my Mum to leave me anything. I would much rather she enjoys her money during her retirement. She deserves it!