What do you think of socioeconomically wealthy people such as Sting, Nigela Lawson, Bill Gates,
Warren Buffett, Michael Bloomberg & Jackie Chan who WON'T leave their children inheritances but instead will leave the money to their favorite charities, feeling that if their children want to be wealthy, they ought to EARN their OWN wealth?
I think it is their right to choose. It is NOT their children's money. However, what will happen in reality is that the Last Will and Testaments of these people will be challenged and their kids will in all probability end up with the money - minus, of course, the huge amounts taken by the lawyers who win the cases for them.
A lot of wealthy people are joining Buffet and Gates in The Giving Pledge, to give the majority of their money to philanthropy or charitable causes during their lifetime, or in their will. Some of these folks are divesting themselves of their wealth while they are living, so there won't be a fight over it after they're gone, but I have to believe that those who are leaving their money to charity after their death are smart enough to discuss their wishes with their families, and have wills that can't be broken.
I'm all for this sort of giving. People really should earn their own living, and make their own way in the world. Once your rich family raises with you all the privileges that comes with being born wealthy, you should be armed with a great education, and plenty of contacts. There's no reason kids who come from rich families shouldn't go out on their own, and make their own fortunes, like everyone else.
More than that, I believe that those who earn great wealth have an obligation to give back to the society that allowed them to do so. Dedicating a huge chunk of their wealth to philanthropy or charity is a great way to do that.
In Islam,there are definite laws for the distribution of inheritance.According to the Qur'an the children of the deceased receive a certain amount from the wealth.ONE THIRD part of the wealth can be given to anyone other than relatives. In this way,there is a fair share of wealth given to all.
Leaving behind something for your children is obligatory for a Muslim.
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