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Original poster

Provision for DS

2 replies

Horsesandzebras · 01/12/2022 21:00

We are middle earners at best from being born and bred working class. Our DS is at the bottom of the inheritance line to millions. We will always be relatively average earners, but our DS will be undoubtly a multi millionaire early in life (30's) through inheritance.

We have no intention of bringing him up with this knowledge. He will need to work it out for himself and even then we will tell him he can't rely on it. We want him to be self suffient, grounded and to put it bluntly - unmessed up by the trappings of wealth. We want him to value family, nature and being a good human being above all else.

How would you raise a son in this position and what legal things would you need to put in place or discuss with him?

We will probably inherit significant wealth in our 80's when we will be probably senile and at our happiest staying home with our feet up. Should we be thinking about a trust to protect his wealth or do we just leave it to unfold uncontrolled?

OP posts:
Princessglittery · 02/12/2022 01:43

You need legal advice from a STEP professional www.step.org. Given the potential figures you are talking about it is worth paying for advice including writing wills that cover a range of possible circumstances. You do need to think about the unthinkable and have a disaster clause for what happens if you and your DC are killed in a car crash.

It may be too soon, but thinking about LPAs for both finance and health and welfare can also be helpful.

WRT raising your DC you need to talk regularly about finance, budgeting, investments etc. Talk about how you budget, save (long, medium and short term) etc. some principles are the same if it’s £100, £1000 or £10k+. You don’t have to give figures, but getting your DC used to managing money and savings teaches them the principles. Not sure how old they are but as a teenager give them monthly money to teach them to budget, start with bus fares, lunches snacks and savings. As they get older increase and include clothes, entertainment etc.

Resources:

Original poster
Horsesandzebras · 02/12/2022 08:57

Princessglittery · 02/12/2022 01:43

You need legal advice from a STEP professional www.step.org. Given the potential figures you are talking about it is worth paying for advice including writing wills that cover a range of possible circumstances. You do need to think about the unthinkable and have a disaster clause for what happens if you and your DC are killed in a car crash.

It may be too soon, but thinking about LPAs for both finance and health and welfare can also be helpful.

WRT raising your DC you need to talk regularly about finance, budgeting, investments etc. Talk about how you budget, save (long, medium and short term) etc. some principles are the same if it’s £100, £1000 or £10k+. You don’t have to give figures, but getting your DC used to managing money and savings teaches them the principles. Not sure how old they are but as a teenager give them monthly money to teach them to budget, start with bus fares, lunches snacks and savings. As they get older increase and include clothes, entertainment etc.

Resources:

Thank you for answering so well.

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