What to do when it is clear that your children can't manage your financial assets?

[Min George]

As a person that is advanced in age with some financial assets, and you have kids that have not shown any signs of financial responsibility, what do you do? Imagine having children that believe in extravagance and squandering money. What do you do with your financial assets in this kind of situation?

 

[Fidelia]

You might need to appoint an attorney to help your kids manage the assets with clauses on how you want it managed.

 

[Springtime]

In such situation, I will not let my children to manage my finance and assets. I'll appoint an investment bank or lawyer to set up a fund for me.

 

[eLdavis]

Then in this case, it would be best to appoint someone who can help the children manage and even teach them all that they need to know.

 

[King Belieal]

In such situation, I will not let my children to manage my finance and assets. I'll appoint an investment bank or lawyer to set up a fund for me.

That's just the best thing to do rather than hand over all your sweat to people that would squander and lavish it anyhow on frivolities.

 

[Augusta]

it wouldn't make sense still leaving the investment with them. You can appoint a professional to take care and you both have an agreement in place

 

[Min George]

Make it clear to the kids while you are still alive that they would only receive a certain amount of proceeds but the assets would be managed by others.

 

[magnus2022]

As a person that is advanced in age with some financial assets, and you have kids that have not shown any signs of financial responsibility, what do you do? Imagine having children that believe in extravagance and squandering money. What do you do with your financial assets in this kind of situation?

Honestly, it will be heartbreaking and painful. I will seek a professional advice from attorneys and financial advisers. Such matter is complex and it needs professionals attention.

 

[Trush Jodie]

Honestly, it will be heartbreaking and painful. I will seek a professional advice from attorneys and financial advisers. Such matter is complex and it needs professionals attention.

That's you being emotional. I agree with the part of seeking legal advice but in this kind of situation, no need to consider giving those kids your financial assets.

 

[Suba]

Slowly, we must teach and give examples, about the value of money and how to save for the future. Instill in the minds of children, no one will help us if in old age we have financial difficulties, for that we need to prepare ourselves to welcome old age and have sufficient funds.

 

[King Belieal]

Slowly, we must teach and give examples, about the value of money and how to save for the future. Instill in the minds of children, no one will help us if in old age we have financial difficulties, for that we need to prepare ourselves to welcome old age and have sufficient funds.

That is one thing that parents don't do and we would end up in situations like this. Remember as you are building wealth, one day, you would be no more and someone has to manage that wealth.

 

[freelancermaria]

If my children tend to squander money, I will not trust them with my assets. Instead, I will hire a lawyer to manage it for me.

 

[Starmix]

It is better to sell that asset rather than see it abused by a family member by selling it and spend the money lavishly.