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What happens when my parents die

I'm 31, I come from a rich family and my parents support me financially
When they die, do you know what happens?
If you just run out of money, what happens?
Talk to them; have they made a will?
Original post by stickylikehoney
I'm 31, I come from a rich family and my parents support me financially
When they die, do you know what happens?
If you just run out of money, what happens?
Original post by Muttley79
Talk to them; have they made a will?


yes I think I get the inheritance
if you just run out of money what happens?
well if you have a job you won't run out of money because you'll be earning
You get a job like everyone else.
but say they bought me an expensive flat in London,
and then they die
and the job I have is 20k a year and I can't afford to live there anymore
what happens
It depends on what provisions your parents and any relatives that they are in line to inherit from have made.

Have your parents made a will?
Had their lawyers created a family trust?
Who is the registered owner of the property that your parents live in now, the property where you live and any family property where you spent most of your childhood that has not been sold since that time?
Have your parents ever mentioned any inheritances that they will one day come into?
Original post by londonmyst
It depends on what provisions your parents and any relatives that they are in line to inherit from have made.

Have your parents made a will?
Had their lawyers created a family trust?
Who is the registered owner of the property that your parents live in now, the property where you live and any family property where you spent most of your childhood that has not been sold since that time?
Have your parents ever mentioned any inheritances that they will one day come into?


If someone suddenly runs out of money, what happens?
do they have to go to jail?
well you'll probably lose your expensive flat, but surely you can move into somewhere more affordable before this happens

Original post by stickylikehoney
If someone suddenly runs out of money, what happens?
do they have to go to jail?
Original post by stickylikehoney
If someone suddenly runs out of money, what happens?

When access to savings or a regular source of monthly/weekly income run out, people have three options.
1) To get some paid work that brings in enough to pay all their bills plus some disposable income for savings or luxuries,
2) find a partner with sufficient savings or income who is willing to support them,
or
3) claim welfare.

I'm getting the impression that your parents will have provided very well for you in terms of a valid will or income from a family trust and intend to encourage you to find a suitable spouse compatible with your dealbreakers & their ambitions for you.
If your parents have bought you a property and put it in your name, they may well have planned for the property to be an investment that provides you with rental income while you are living elsewhere & a potential future home for you when you have a partner or children.

Have you considered reading your parents wills?
Or asking them if they want to discuss their wishes with you in relation to issues like: organ donation, funerals, how to pay inheritance tax, what they want to happen to the property they are living in now, any important items that have sentimental value for you but little financial value to anyone?
I mean the only reason you couldn’t afford to live in the expensive apartment is probably due to gas and electricity bills and that’s it really. You need to get more experience in your job and get a higher salary of like at least 40k-50k coz it’s London to be fine since you already have a place to live in.
Is there a huge chance I might become homeless?
Reply 12
Original post by stickylikehoney
I'm 31, I come from a rich family and my parents support me financially
When they die, do you know what happens?
If you just run out of money, what happens?


easy, you just get a wealthy partner that loves enough to support you financially
Original post by stickylikehoney
I'm 31, I come from a rich family and my parents support me financially
When they die, do you know what happens?
If you just run out of money, what happens?


Ur 31,dont u have a job or something its not good or healthy living off ur parents
Original post by stickylikehoney
Is there a huge chance I might become homeless?

You get a job, sell the flat and downsize to somewhere cheaper, and make wise investments.
Original post by stickylikehoney
If someone suddenly runs out of money, what happens?
do they have to go to jail?

This doesn’t sound like it was written by a 31 year old…
Original post by Mesopotamian.
This doesn’t sound like it was written by a 31 year old…

Maybe they were implying they'll rob a bank out of desperation
Original post by stickylikehoney
I'm 31, I come from a rich family and my parents support me financially
When they die, do you know what happens?
If you just run out of money, what happens?

Why are you asking? Are you planning on bumping them off?

Just kidding. It would appear that @londonmyst has answered the questions better than I possibly could have.

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