Inheritance is the practice of passing on property, titles, debts, rights, and obligations upon the death of an individual. The rules of inheritance differ between societies and have changed over time. The degree to which economic status and inheritance is transmitted across generations determines one’s life chances in society.
How your property is distributed after you die depends on the probate law of your state. If you die with a valid will, your property will generally be distributed according to your will, although certain restrictions exist. If you die without a will, your property will be distributed according to state laws.
The Implication of Gambling Upon Inheritance
Gambling has tremendous influence upon inheritance. It may be tempting for the inheritor to gamble away his whole inheritance; the temptation lies within the fact that inheritance is not something inheritor has worked for, and therefore he or she may want to increase it by easy means. In that way, inheritance seems like an easy answer.
Up to 500,000 Britons have a gambling problem and this week Deputy Labour Leader Harriet Harman admitted that Labour’s decision to relax the gambling laws when they were in in power was a mistake. One woman who has learned to her cost how addictive the lure of the big win can be, losing over £150,000.
However, it can go both ways. The testator can gamble away the inheritance of his or her children, leaving them destitute, heartbroken, depressed and disappointed. However, when debating on the addictive properties of gambling, bear in mind that genetics plays a large part in the addiction itself. Gambling games affect peopel differently – roulette is considerably more addictive than slot machines.
One study found that identical twins who were gamblers were more likely to have a twin who was also a gambler than non-identical twins. The researchers suggest that this association was more to do with a genetic link than environmental factors. This study suggests there is a genetic component to gambling addiction. However, it was noticed that pokies don’t have such an effect.
The findings showed that almost all study members gambled but men were more likely than women to be gambling addicts (1 percent women compared to 3 percent men gambling addicts). Also gambling addiction is five times more common in Australia that in the US the researchers said.
“I gambled stupid amounts,” says Dominic Matteo. “One day I lost £100,000 on an evens-priced favourite and luckily won it back on another evens-priced horse a few hours later. It was only the birth of my daughter Luisa that made me think: this is ridiculous and has to stop. I was gambling away her inheritance.
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