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.

There's a difference between leaving them several million and leaving them sufficient to get them on the property ladder for example. I imagine they will be left at least multiples of six figures, but won't be ruined by a £10M legacy for example

I'd have more respect for this attitude if he gave most of his own fortune away as he earned it to keep himself grounded and motivated to achieve.

DogFoodPie, I think the point is he DOES earn his money; he's making the distinction between earning and being handed a large sum.

Maybe he just thinks that his children should make ytheir own way in the world and not be spoiled with a huge inheritance they didn't contribute to - a philosophy I can get behind tbh

I think this has been a growing trend over the last 10 - 20 years - to leave enough to your children for them to have a comfortable life (a lot before you die) but to ensure you are giving away a sizable portion of your wealth during your lifetime. I have a friend who had a very wealthy father and who had a shit work ethic due to expectation of inheritance. She never stuck at anything and when he married again was furious about losing her inheritance. It was really sad to watch and kind of distasteful too.

I don't see anything wrong with inherited wealth. Gates should be more generous- even a billion wouldn't hurt him Nor do I care for most of the causes he supports.

I think leaving kids that money would be a curse rather than a blessing. He’s smart and he knows what would be best for the well-being. Enough to be looked after a little but still the need to find purpose in life.

I haven't read the whole thread but I'm sure his children will be well provided for. DC will be worth millions as he's been hugely overpaid for decades. The correct thing to do is use it for philanthropic or charitable causes. Think of the gift he could give to the arts/struggling entertainers/students in the film industry for a start. The last thing the world needs right now is more high net worth individuals.

What's so great about having a normal life? If I get those six Lottery numbers I aim to live love laugh and be happy.

Not read the whole thread. I think Craig's intention is noble, but I query if it will be implemented meaningfully. Starting poor (however that may be defined) can add richness to life with an appreciation of things money can't buy and the real value of money.

Gifting kids 'life-changing' amounts can mean a complete lack of understanding of the lives of the other 99%, and becoming a complete fuckwit (which won't matter if they only ever hide in their mansion counting gold). Craig realises this, but whether he will limit their inheritance to something "normal" will be the test: £50,000? £100,000? £500,000? £10,000,000? Oh, go on ....

I have made a will but am beginning to think Daniel Craig has the right idea. He made the money and they will have benefitted whilst growing up. They now need to make their own way and own their own money. My AC seem to think that they are entitled to whatever money/property I have and one is forever being bailed out by my ex so really is not learning to budget or realise that if need more income either change job or get a second one. I had two jobs when young so that I could pay bills and eat because sometimes it was either/or. They have watched me work all my life as well as keep house, cook, clean and take care of them whilst their father was hiding money which he now throws at them. I'm seriously considering cutting back on what they get and leaving a fair sum to charities close to my heart where it will do more good.

@mustlovegin

Who else are you going to leave your inheritance to if it isn't your children or immediate family? All attention seeking nonsense

Spend it (or give to charity)

@marktayloruk

I don't see anything wrong with inherited wealth. Gates should be more generous- even a billion wouldn't hurt him Nor do I care for most of the causes he supports.

No good deed goes unpunished!

My Dad was quite wealthy. He cut all of his children and grandchildren out of his Will and left it all to his second wife. I don’t know anyone whose parents will do this to them. But I do know lots of people who are relying on inheritances to have a good pension/mortgage paid off etc. I try to focus on what he gave me while he was alive.

I understand a bit about where he is coming from. He doesnt want his kids to be wasters, have no drive to achieve in life and also it keeps away hangers on and those potential friends and in-laws who are only there for the money.

I have rich relatives whose kids are less driven as mum and dad are leaving money. In laws are hanging around for the potential inheritance and i think the whole family unit will fall apart once the will is read aa it might not be equal and is the ? only thing that some siblings are staying close for.

I say spend it and distribute it while kids and grandkids are young so all get to spend quality time together. That way everyone's burden is reduced and joy and gratitude are increased and avoiding huge tax bill when people are mourning and have to sort finances out xxx

I don't understand people who think that they are owed an inheritance from their parents. It's the ultimate in grabbiness. If you get something lucky, lucky you but no one is owed it or deserves it. It's not your money. Your parents can spend their money how they want

#ufucoffee that's how I'm thinking re my AC they seem to expect that my ex and I will leave them everything but may get a shock when I pop my clogs 😉

But I do know lots of people who are relying on inheritances to have a good pension/mortgage paid off etc
Scary. Probably the same people who say to tax the rich, not realising instead the people with any savings for their future get taxed, as well as them having to pay for their own healthcare, nursing homes and funerals . They'd want to be ready for not having the mortgage paid off!!!

@Balgoresboy I know someone whose parent was in DC's type of wealth and said the same thing. They didn't mean nothing, they meant they aren't handing 100 million over. What they did was every kid got a few million - enough to set them up with a lovely home in London and a generous bank account, and obviously had the very best of education. The rest went to charities. He didn't say he's cutting them off penniless. Also these children have wealthy mothers too.

I agree with his outlook. I think it's refreshing. No one needs to be handed 50 million quid!

Presumably the children of wealthy parents have already had quite privileged lives - a spacious home, plenty of outside activities, plenty of books and access to the arts, a good education, foreign travel, etc. etc. Provided they haven't been completely spoilt, I would imagine their job prospects are much better than the average person who hasn't had those benefits.

On that basis, I think Daniel Craig is right to limit the amount that he wills his children. Personally, I would want to see my children not having the worry of paying a large mortgage but if I were wealthy I don't think I would want to bequeath a very large amount to them as they might become rather complacent.

I actually think inheritance tax should be higher and there should be different rates paid at different levels of wealth.

Bill Gates said the same, medical care , education and homes will be there for family and imagine for future generations. I imagine it will go into a charitable foundation

Bill Gates said the same, medical care , education and homes will be there for family and imagine for future generations. I imagine it will go into a charitable foundation
He's said before hopes his money can eradicate cancer and help find cures for diseases with no known cure. Amazing stuff!!

I think he's right, people who think they will be rich eventually often lack drive and focus , it's better to think you'll get nothing and make your own way . Then, if you get a bit of something it's a bonus I think , so many children of very wealthy and successful families are really effed up

but movie stars like him earning 10-15 million a film can't really give that lesson as what they got was a great and elusive opportunity. So they can't really give morality lessons when their own salaries are unfair and greedy.

I don't think "unfair and greedy" is an appropriate term to use. It's market forces, isn't it? Film makers aren't going to risk the hefty costs of producing and distributing a film without having a reasonable guarantee that they will make their money back, therefore they need bankable stars in the films, therefore they have to pay the going rate. It's not as if the wages of nurses and care workers would rise by so much as a penny if film makers stop paying Daniel Craig a high salary. Rather the contrary, in practice, as the government wouldn't then be extracting tax from him.

I think there's a lot to be said for having an average amount of money, somewhere on the scale of comfortable to fairly well off. There is no evidence that I have ever seen that having a lot of money makes you happy.