Inheritance of Wealth
TOPIC : In some countries,
inheritance of father’s property is not legally entitled to the children.
Should inheritance of parent’s wealth be a legal right or should bequeathing
wealth be at parent’s discretion?
Wealth of an individual is the summation of all his assets
he gathers all through his life. While some countries have made inheritance a
legal right, the others have shunned the idea and the children in such
countries are deprived the legal right of inheriting their parents wealth. The
question of whether which is the right path to take, still remains open for
debate.
Exploring the various aspects, we first look into the pros
and cons of why the law of non-inheritance of parent’s wealth stands through.
The government is aiming at equal distribution of wealth, hence it created the
law that children are not allowed to inherit their parent’s wealth. They aim at
providing equal opportunities to all citizens without giving any undue
advantage to any one particular class of people (here, the rich class). This
creates a competitive and an open environment of learning and experimentation
for the youth of the country, as they do not rely on their parent’s wealth to
support themselves. The youth get a chance to learn the important life lessons
through struggle and failures and instead of becoming lethargic and spoilt,
they are inspired to work hard towards achieving a standard of living for
themselves.
Even though there are so many advantages of making
inheritance of property illegal, why do the other countries choose to legalize
inheritance. It is better if this decision is left in the hands of an
individual who has worked hard to achieve his wealth. The freedom to choose is
one of the basic rights, and taking the correct decisions with your hard-earned
money is the freedom that the government should provide to each one of its
citizens. When the people choose to keep their traditional home and business,
they remain assured that their wealth is in the right hands and it will be used
for the right purposes. They remain assured that their hard-earned money is
used for better development of their future generations. Also with the low
investment returns I todays markets, it becomes even more important to secure
the future of your coming generations. If the parents feel their children lack
the requisite skill, knowledge, experience, judgment or work ethics to manage
their business and inheritance, the decision should remain in their hands to
take the final decision.
I firmly believe, that the parents should have the freedom
to choose where they wish to invest
their hard-earned money and not be forced to give it up for legal
reasons. If they feel right, they may donate a part of their money to charity
and leave the remaining to their children. This ensures a bright future of the
next generation and also makes sure the next generation is not spoilt, and the
equality of wealth is maintained.
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