Like 007, we’ve got a licence to SPEND
Leave a nest-egg for your family, or blow your pension on a yacht? As Bond star says his children won’t inherit his £117m, meet the parents who now say...
a cruise, rather than pass it on to his daughter. Any money that is left will be split between his grandchildren, who are both in their 20s.
Allan, 78, says: ‘I would really love a sports car — but at my age it would take me 20 minutes to get in and out. ‘It is just not practical.’ the former stationery purchasing manager adds: ‘My daughter is comfortable financially and my grandchildren will need the money more to help them on the property ladder.’
But most parents still intend to leave something behind.
the pandemic prompted Kerry Banks to sort out a will to make sure her loved ones would be looked after if anything happened to her.
She plans to leave 80 pc of her estate to her son Cofie, 27 — including a property her father built for her worth £240,000 — and 5 pc to each of her two grandchildren Aaliyah-Rose, eight, and four-year-old Mayah-Lily. the rest will be split among other family members.
Kerry, a charity fundraiser and events officer, says Cofie knows he will inherit the house but she wants him to have the work ethic she has and understand not to just expect handouts.
Kerry, 48, also puts money aside in a bank account for the girls which they can access when they turn 21 and has a ‘making memories fund’ which she uses for days out and trips, such as taking the girls to Peppa Pig World.
She says the girls know about this fund but she uses it to teach them that if you work hard and save up you can have nice things.
But Kerry, who lives in Deal, Kent, is also committed to enjoying her money with husband Simon. She says: ‘I went without when Cofie was younger, but I am not doing it now.’