I’m a 22 year old male and my grandma had past away about 7 years ago. She left me and my brother a trust fund of around $100,000 each. My dad (65) was in charge of the money till we turn 25. Apparently my grandma made rules to where we can’t get our inheritance till we turn 25 and can only take money out for medical or school purposes till I turn of age.
Well my brother just turned 25 and my dad calls us and told us that he blew through both of our trust funds at the casinos over the coarse of a couple years. Keep in mind he also left our family a couple years ago and was living In some random state most likely living off of me and my brothers inheritance.
I’m so shocked and disappointed. Not just about the money I was supposed to get but about the stealing and lying from my own blood father. My father has zero assets so I don’t think I can sue him or it’s even worth getting a lawyer because they wouldn’t be able to get any money from him. Even his job is under the table.
Ah, the classic “my family member blew through my inheritance” situation. I’ve heard this story more times than I care to count, but it never gets any less infuriating. Let’s break this down, shall we?
First off, let’s address the elephant in the room: your dad royally screwed up. Not just financially, but morally and legally. He broke your trust, violated his responsibilities as a trustee, and essentially stole from his own children. That’s a triple whammy of terrible decision-making right there.
You’re feeling shocked, disappointed, and probably pretty angry. That’s normal. Don’t try to bottle that up. Feel it, process it, but don’t let it control your next moves. You’re right that suing might be futile if your dad has no assets. It’s like trying to squeeze blood from a stone – a very irresponsible, gambling-addicted stone.
However, and this is important, don’t take your dad’s word as gospel. There’s a chance, slim as it may be, that he could be lying or that the situation isn’t exactly as he’s presented it. It might be worth consulting with a lawyer, if only to understand your options. At the very least, try to get proof of what happened to the money. Trust, but verify – especially when dealing with someone who’s already broken your trust.
Now, here’s the harsh truth – whether that money is truly gone or hidden away somewhere, you need to shift your focus to what you can control: your future. You’re 22. You’ve got time on your side. Start building your own wealth now. Educate yourself about personal finance, invest wisely, and create the financial cushion your grandma wanted for you.
Moving forward, keep your finances completely separate from your dad’s. No joint accounts, no lending money, nada. He’s shown he can’t be trusted with money, so don’t give him the opportunity to repeat this mistake.
Consider therapy too. Not kidding here. Family financial betrayals can leave deep scars. A good therapist can help you process this and ensure it doesn’t negatively impact your relationship with money.
Use this as motivation. Let this be the kick in the pants you need to become financially savvy. Learn about investing, budgeting, and wealth-building. Make your grandma proud by becoming the financial wizard she hoped you’d be.
Remember, your dad’s poor choices don’t define your financial future. You have the power to create the wealth and security you deserve. It’s not the inheritance you expected, but consider this a priceless lesson in the importance of financial literacy and personal responsibility.