Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Saturday, July 31, 2010

Competent Children Don't Need an Inheritance

Gift Chinese real estate tycoon Yu Pengnian announced that he is giving away his last $500 million to his charitable foundation. When asked whether his children were opposed to the donations, Yu stated, “If my children are competent, they don’t need my money. If they’re not, leaving them a lot of money is only doing them harm.” This idea is even more remarkable coming from a Chinese tycoon because wealth in Asia is dynastic by nature.

The idea is that by giving your children everything, you take away their joys in self-made success while telling them that you don’t think they can make it on their own.

See Robert Frank, If Your Children are Competent, They Don’t Need an Inheritance, W.S.J., July 26, 2010.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2010/07/competent-children-dont-need-an-inheritance.html

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