Are Grown Children Entitled To Their Parents’ Money?

Celebrities like Simon Cowell, Gordon Ramsay, Bill Gates and Mark Zuckerberg have vowed not to leave their fortunes to their children, but are children really entitled to their parents’ money? While helping to support young adults might seem like the compassionate choice, it can often do more harm than good. Legal experts and estate planners caution parents to carefully scrutinize the need for the money and how it could affect the child’s long-term ability to live, work and succeed in the world. Clearly, paying for a child’s education (limited to four years of college) is only right. If money is needed for an urgent matter — like emergency surgery, medical bills, a lost job, house foreclosure or a costly divorce — it’s a no-brainer because you’re rescuing them temporarily. What you don’t want to do is support your adult child to the point where they become dependent on you and don’t develop the necessary tools to support themselves when you’re no longer around. In the end, ask yourself one question: Do you want to keep your child on an allowance for the rest of your life, or do you want them to get a job and become self-sufficient?