Why should parent’s wait to give their children inheritance or financial aid?
There are many reasons I can think of, which include the following. The older a
child becomes, the more likely he or she will be more secure with finances and learn
how to make wiser decisions on how to invest, save or spend it. If you were to give your
child financial aid or inheritance at a young age it should come in a small amount so that the
child learns that it is valuable money and needs to be saved for something important or valuable.
Most inheritance laws require that a person be at least 25 years of age to recieve any type
of inheritance. Children that are younger do not have much knowledge of what it means to have
inheritance or financial aid from their parents. Therefore, it would be smart for a young person to learn
about these types of funds through research or courses in finance. Also, young adults that are above the age
of 22 are just getting out of college and finding jobs and earning income on their own. Therefore, they learn to
become less dependent on their parents finances and learn how to budget and support themselves. Some parents
may consider helping their new young adult children with extra expenses which is fine under certain circumstances
such as if the child were to attend graduate school and did not have the time to work full time or if there was an
agreement that the parents would help support the child while he or she attends college.
The longer a parent waits to generously give a child an inheritance, the more mature the child will become and also be more
educated and have knowledge of the real world. Some children or minors that inherit money too soon are sometimes
referred to as spoiled brats. The child seems to depend on that money and does not want to gain any type of work
ethic or find a good job to learn how to support themselves.
Isn’t part of the reason that a child that graduates fromhigh school and leaves for college to learn how the ” real world works? There
should definitely be boundaries set for giving inheritance to a child too soon. The parents obviously didn’t just inherit that money, they
have earned it through their working days. Therefore their children should learn the same way and then further on down the road be
rewarded with some sort of inheritance or financial aid which should only be used for certain investments such as a house
or new car. Younger children may not know how to spend it and may end up using it on drugs, cigarettes, alcohol and not
realize that they are getting themselves into trouble and wasting the money that was given to them which could be a value later
on in their adult lives.
Therefore parents should think hard and clear about the decision to give their young child money. If they
live at home and don’t have to pay any bills why should they need that money in the first place? They should mainly be concerned
about their educations and recreational activities and social lives. If paren’t want to raise a well rounded child that is happy with
what she or he has and not wonder why they didn’t get that money a certain age, then simply explain to them the reasons behind your
decisions and that it will probably occur at an older age, They only type of financial aid a parent should provide is educational funds but
put it in a secure account where it cannot be taken out until the child decides to go to college or graduate school. Most importantly,
remember that good things come to those who wait.