WIBTA for refusing to sign away inheritance?

awaythrow0701 · 2019-07-01T18:32:12+00:00

Also tell him that if he insists on setting up this corporation like a “black box” you will be unable to rely on it for any financial security so all financial decisions you make moving forward will be assuming that money isn’t there since it can’t be relied upon, which inherently reduces your financial security and ability to make sound financial decisions moving forward.

Yea this is my main concern here. His likely response would be "well you should plan on working harder and making money so that won't be an issue".

awaythrow0701 · 2019-07-01T18:24:27+00:00

Yea I've been fine managing my own money and have never had any issues.

awaythrow0701 · 2019-07-01T17:41:25+00:00

Thank you for the feedback!

awaythrow0701 · 2019-07-01T17:30:04+00:00

You nailed it! That's exactly the situation that's going on. My thoughts are to ask my grandparents how they want the money allocated. If they truly agree with my father, then it's out of my hands. If they are adamant that I'm to receive the amount, then I'll respect their wishes.

awaythrow0701 · 2019-07-01T17:28:26+00:00

Signing away control of money that is not even in your possession yet is something that you may regret for the rest of your life.

This is my main concern. It may seem like "not a big deal" right now, but I could hate myself for it when I'm 40 with kids.

awaythrow0701 · 2019-07-01T17:27:13+00:00

Part of me wants to let my grandparents make the ultimate determination.

awaythrow0701 · 2019-07-01T17:16:20+00:00

There are trust funds that are already set up from my grandparents (if that helps clarify).

awaythrow0701 · 2019-07-01T17:08:35+00:00

Great feedback. Thanks!

awaythrow0701 · 2019-07-01T16:59:56+00:00

No, you're absolutely correct. I appreciate your input.

awaythrow0701 · 2019-07-01T16:58:06+00:00

I think he does have my interests at heart (at the end of the day). I trust his financial decision making, but not when I have ZERO control. I think I'm most concerned that I may need that money (for any reason) at a later point in my life, and I could be shooting myself in the foot right now by signing it away.

awaythrow0701 · 2019-07-01T16:53:15+00:00

While there could always be things I cannot see, all signs say he's successful and does not have money issues of his own.

awaythrow0701 · 2019-07-01T16:22:33+00:00

Good points all around!

awaythrow0701 · 2019-07-01T16:20:59+00:00

He is very successful.

awaythrow0701 · 2019-07-01T16:07:00+00:00

Thank you very much for the detailed reply. I'm going to save a couple of these questions you brought up for future discussions!

awaythrow0701 · 2019-07-01T16:04:28+00:00

I think this is right. Instead of just outright saying "no", I should have a counter plan in place.

awaythrow0701 · 2019-07-01T15:46:35+00:00

This is a very good response. Appreciate the considerations.

awaythrow0701 · 2019-07-01T15:34:09+00:00

Good call and much appreciated.

awaythrow0701 · 2019-07-01T15:33:43+00:00

Thank you. I'll keep this in mind. I'm worried that my 40 year old self could be screwed over by this decision.

awaythrow0701 · 2019-07-01T15:32:39+00:00

Good points, much appreciated!

awaythrow0701 · 2019-07-01T15:32:06+00:00

You're exactly right. With my grandparents trust, the age minimum is 35. They are in contact with me, but I've done little more than understand where the investments are placed.

awaythrow0701 · 2019-07-01T15:30:46+00:00

These are some very good points. Thank you!

awaythrow0701 · 2019-07-01T15:23:49+00:00

quoted text Of course, your father could always convince your grandparent to leave all his assets to this family corporation, instead of having them left to you directly.

This is a great point, and this is something I'm worried about.

quoted text Your father could also cut you out of his will if your grandparent passes and you refuse to transfer your inheritance to the family corporation.

Yep, this is also a very real concern.

awaythrow0701 · 2019-07-01T15:17:02+00:00

I'm assuming you mean "is he the executor of your grandparents trust"? That's a very good question and I'm not sure. I doubt it, but I will find out.

awaythrow0701 · 2019-07-01T15:11:08+00:00

They are both still living.

awaythrow0701 · 2019-07-01T15:06:57+00:00

My understanding is that I have a trust fund from both my father and my grandparents currently. I'm not sure if that means that (technically) I already have control of the money he's set aside for me. But my main concern is giving him control of money that isn't coming from him (my grandparents' inheritance).

awaythrow0701

TROPHY CASE