Your Will – Don’t Leave Money for your Kids?
The family of Wellington Burt is in the news. He was a wealthy multi-millionaire from the early 20th century. He decided NOT to leave any money for his kids or even his grandkids. Instead, all his money was left for anyone from his bloodline still living starting 21 years after the death of his grandchildren. Now that’s different!
Leaving money for your kids in your will is always an interesting topic, because there’s conflicting impacts from doing so. There’s the feel-good result of knowing you were able to leave something behind for your kids to make them better off, but then there’s the other possible un-intended results of 1) your kids anticipating when you’ll kick the bucket so that they can get their money, and 2) your kids being lazy and un-motivated if they know they have money coming.
Apparently this guy Burt didn’t want the latter consequences. Either that or he thought his kids were schmucks…. I think I’ll leave my dough for my kids regardless, what about you?
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