Inheritance is for the rich only, my opinion.
By the way I am looking at it from a very narrow perspective - asset based. It is for the wealthy because people are living longer, in the process they actually live on what the kids traditionally would have inherited.
I have never thought seriously that I am entitled to inherit anything else other than the education, food, shelter and love that I have freely received from my family. Anything else is a bonus. The fact that we never slept hungry or kicked out of school for lack of fees or even sleep in the cold is enough for me. I don’t know much about my mum’s finances now but I doubt if she has a fortune stashed somewhere that I will discover after all this years!
Which reminds me of a conversation I recently had with an African immigrant here sometime back; he kind of abandoned his family and came to start a new life in the UK, hoping make a better life. Of course he still kept in touch and sent money to take care of his family back home. After more than 10 years of working and surviving ‘underground’ he finally got his ‘papers’ 2 years ago. At the moment he is struggling to bring his kids in Africa to the UK, in his words ‘to secure his future.’ He expects his children to act like his pension shield – they will be sending money to him should he go back to home. He maintains he has done his part therefore should secure his future.
At least his done something with his ‘pension scheme plan’ – I only hope the kids will share his vision. After investing his lifetime to provide for them will they have the time even to remember what he has done?
I think that is typical of most families at the moment – parents have to some extent been forced to depend on their kids in their old age
I guess we all have to look and start doing something now or we will be spending our kids inheritance during our old age! So again I am looking at a financial advisor I met sometime ago at OM for advise.
I have to start now!
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