Many childfree people have more money at their disposal than their parental counterparts, for obvious reasons. They get to spend it however they want while they're alive, and they can decide who to leave what's left to once they're no longer around.
A woman says she's the only well-off one in her family, but has received a lot of flack for not having children. Her siblings have even called her selfish for not having kids. Now, those same siblings are demanding that she leaves all of her money to their offspring "in equal portions." When she told them she'd be leaving her wealth to charities, all hell broke loose.
She's successful, wealthy, and childfree but her siblings think she's selfish for not having kids
Image credits: Getty Images (not the actual photo)
Now, they want her to leave her money to their children and she's flat-out refusing
Image credits: Tim Mossholder (not the actual photo)
Image source: I_love_me39
She then revealed that she might get a restraining order
More and more people are choosing not to have children but what's happening to their money once they're gone?
It’s not uncommon for people to choose not to have children. Some choose to spend all their money while they’re alive. Others go to their grave with a small (or big fortune). So what happens to all that money once a person without kids has passed?
A popular option is to make siblings, nieces or nephews the beneficiaries. “But what's as common is making an impact or establishing a legacy,” reveals Childfreeinsights.com. More and more childfree people are choosing to give to charity once they’re gone.
“According to Pew Research, roughly 50% of married people without children have a charitable beneficiary in their estate plan, and 30% of unmarried without children do,” notes the site.. “Compare that to only 15% of people with children and only 7% of people with grandchildren. Simply put, the more descendants you have, the less likely you are to give your wealth away.”
Some argue that childfree people should go wild, spend all their money while they're alive, and not bother about a will. Others say this is simply not true.
"The misconception is that if you are childfree, then you do not need to be worried about succession or inheritance tax planning," says Diva Shah, the Legal Director of U.K.-based law firm Kingsley Napey. Shah explains that there are tax liabilities to worry about, as well as making sure your general wishes are taken into account.
"A will ensures that your wishes are respected, and your estate is handled in accordance with your preferences. It provides peace of mind for you and clarity for your loved ones during a challenging time," explains the expert. "You may consider giving to charities or friends and family members. If you have pets, a will is an opportunity to name a guardian or caretaker for them. This ensures that your pets are taken care of by someone you trust."
Shah adds that even if you choose to spend right down to your last penny, you'll need to ensure that you've planned properly so that your finances carry you through. You can't underestimate the cost of health and later life care costs.
"Jolt of satisfaction": many felt the family was getting what they deserved
