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Original poster

If you received 120k inheritance and had paid off your mortgage

99 replies

TherapyGal · 19/10/2019 14:11

Would you gift any to your kids?

I have 7k debt and was hoping my dad might have thrown 1 or 2k my way. Am I being unfair?

Obviously not going to ask him!

OP posts:

Grasspigeons · 19/10/2019 14:15

It would depend a lot on my pension forecast to be honest. At the moment i have a bit of a 'working part time to support chikdcwith soecial needs black hole' so i'd be plugging that. But in 30 years i might be in a different place.

Original poster

TherapyGal · 19/10/2019 14:18

My parents own three other houses so their pension is pretty sorted as far as I know.

Good point though and I hadn’t considered that

OP posts:

BackforGood · 19/10/2019 14:42

Far too many "it depends" about the whole thing.

LouiseLouisa87 · 19/10/2019 14:44

Yes I absolutely would

sansou · 19/10/2019 19:42

With no other information - no!

My Dad inherited a similar amount from my GP a few years ago. He has long been mortgage free and has a comfortable retirement.

It would never even occur to me that he would gift me any share of this. He hasn’t but I haven’t even thought that he might.

ibanez0815 · 19/10/2019 22:40

I would in a heartbeat. same for my parents. they would do this for me as well.

Shagged · 19/10/2019 22:43

Would depend on where the £7K debt came from

OnlyFoolsnMothers · 19/10/2019 22:44

Yes I would!

Singlenotsingle · 19/10/2019 22:47

If I inherited that amount of money, certainly I'd give £10k each to my kids. And if my parents inherited it, I'd ask!

RiftGibbon · 19/10/2019 22:49

I only have one DC so I would gift them around £25k (Although my child is quite young right now, so it'd be put in some sort of future fund).

NamedyChangedy · 19/10/2019 22:52

My mother received some money when my gran died. I know it was a large amount but it wouldn't occur to me to ask, or to expect any of it. Do you feel that your father is in some way responsible for any of your debt though?

Preggosaurus9 · 19/10/2019 22:54

£7k debt isn't that much unless you're paying interest on it/took out payday loans etc? Are you in financial difficulty? Maybe worth getting some advice on how to make your monthly payments manageable but also paying it off quicker.

InsertFunnyUsername · 19/10/2019 22:55

Yes I would.

DialANumber · 19/10/2019 22:56

My parents would definitely gift some to all their dc, but they are (possibly unusually) generous and have always put us way before themselves. That said, they're not and never will be in receipt of such funds and so are very generous in less financially significant ways.

I can't answer for myself in the future tbh. There's so many variables!

AthollPlace · 19/10/2019 22:58

If you were my child and had £7k debt I’d be disinclined to give you any more money to waste tbh.

catsmother · 19/10/2019 23:03

Debt isn't always accrued through wastefulness for heaven's sake. Illness, accident, redundancy, divorce, escaping abusive relationships, the list goes on. Jeez.

Contraceptionismyfriend · 19/10/2019 23:04

Depends.

How did you get into debt?

Whedon · 19/10/2019 23:06

Of course !!

nancy75 · 19/10/2019 23:22

When my nan died her house (all she had) was left to my mum, her only child. My mum split the money from the sale of the house equally between her, me & my brother. Parents are in a good position financially so could afford it. If able to I would do the same.

Pixxie7 · 19/10/2019 23:24

Definitely

megletthesecond · 19/10/2019 23:26

Yes.
Unless the debt was for something silly.

BettyBooJustDoinTheDoo · 19/10/2019 23:32

Definitely depends on how you acquired the debt, if it was frivolous spending it would do you no good giving you a get out of jail card, however if it was debt accrued through trying to keep a roof over your head or something serious like that then I would want to help out.

TheBeastInMsRooneysRoom · 19/10/2019 23:34

My mum didn't when my grandparents died. And my aunts and uncles all gave my cousins house deposits. It was a sizable sum. Nothing to be said really. It was theirs to do as they wished. She bought some really expensive furniture. We later emigrated to a country where we could afford to buy property and now they are looking to retire here with us, and having to sell all that furniture for peanuts. My mum often says she wishes she had handled it differently, but I'm very sure that if we had mentioned what our cousins had received at the time we would not have changed anything and probably damaged the relationship. My dad probably had no say.

Myimaginarycathasfleas · 20/10/2019 00:10

I wouldn't hand over money to clear a debt. I'd feel that was a bit of a disrespectful way to use someone else's money.

I'd be more inclined to put it aside for my DC for a deposit on a house, if or when needed. That way I'd feel I was paying forward the gift.

Knittingnanny · 20/10/2019 00:15

I was in that position a couple of years ago when my elderly parents died . I paid off my mortgage and gave my 3 adult children £5000 each which they said they were not expecting
My sister is in a better financial position than me and gave her 2 adult children £10000 each
My ex husband was also in the same situation and chose to give our adult child nothing
So everyone is different
I personally would give mine as much as I’m able to, just as my parents did for me,

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