64, divorced, working & planning to downsize soon. When I sell my home I could potentially give my 4 adult children, all in their late 20/early 30s, £100k each. This will leave me with enough to buy the smaller home I want and, even when I stop working, will have sufficient funds from pensions etc to live a very comfortable life. I'm very fortunate.
DC 1 and 2 have bought first homes and have well paid jobs.
DC 3 has low paid job and is renting. Employment prospects likely to improve in time.
DC 4 lives with me, not working or claiming benefits but does some buying & selling which brings in a small income. Has some anxiety issues but could work in a low stress environment but content not to at present. He won't be moving with me - my choice, not theirs.
None have long term partners or children.
We are not from a wealthy family; money has been gained through me working very hard and there will be no other inheritances coming their way. Want them to have a chunk of money to help them now rather than waiting till I die.
Likely DC1 and 2 would invest any money given into property and I'd be happy with this.
DC3 could also be encouraged to invest in property though first choice would probably be nice car and clothes.
DC4 sees no value in money and has no interest in owning a home and likely money would be frittered away on whatever project and gadgets have taken their fancy. But will need somewhere to live but unsure whether they've the wherewithal to manage living alone in terms of cleaning, maintenance etc though they'd not starve and have lived in student lets before.
So how do I deal with this? Anyone have experience of a similar situation? Who can I contact to get advice about distributing what is a very signiamount of money? I want to be fair but don't want my money to be sqandered.
Sorry, that was long.
sticky labels on apples - remove before washing!
Bought the wrong Hot Cross Buns 😩