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Robin Williams planned to keep his children secure financially. However, he did worry that they would just spend their money on small, frivolous things, so made sure that there were steps before they could receive their full entitlement.
It is something that all parents worry about. They want to know that they children will be financially stable in the future. For the 63-year-old actor he could do more than many other parents. He was able to set up a trust fund for each of his three children and make sure they had the best start in life. At the same time, he did not want them to grow up as trust fund brats.
He taught them some sensibility by creating steps for them to receive their money. The earliest they would get anything was when they turned 21. By this age, they had gotten through the peer pressure and risk of spending on fun, adventurous things at the time. They were all at a point where they would think towards the future and start planning the things that they would do with their lives.
At 21, many young adults are thinking about putting deposits down on houses or their education and careers. This was likely something that the Mork & Mindy actor was hoping his children would be doing.
All three children have reached the age of 21, so received a third of their inheritance. However, Williams had more plans to keep his children financially secure. As each one reached or reaches 25, they receive half of the remaining inheritance. At the age of 30 they will or have received the rest of it.
By 25 and 30, a large sum of money is not as daunting. Many young adults have thought about their plans and will want to buy houses, set up businesses and even help the needy.
Of course, much of this comes from parents. It would have been up to Williams and his children’s mothers to ensure their children were raised with morals and standards. It would have been up to them to make sure all three children understood the value of money and thought about their plans.
All three children—only one of which has received the full amount so far—will likely have known about the amount that they would eventually receive. They would have also known the amounts they would receive in the instalments. That would help them create a plan for the future and think about how they were going to spend the money wisely.
It is unclear just how much the three children were going to receive by the end. At one point, the Aladdin actor was thought to be worth £120 million, but in 2013 he admitted that his costly divorces had led to him being close to bankruptcy. However, the money for the trust funds may have already been put in place, so may not have affected his children’s inheritance.
It is a difficult time for the actor’s three children. However, at least Williams planned for all three children to be financially secure.
Opinion by Alexandria Ingham