I am down to the husband in my first generation his wife died and he is 61. When i choose one of the kids to takeover the house do they get the cash money that is in the bank?

Yes, they do However much money the parents have, will go directly to the kid you pick to inherit. The amount of money the kid inherits does not depend on what kid you pick.
And welcome to the forums, wildlilly!

Wow thanks for the quick reply. Im addicted to this game and im sure glad the kids get the money.... Thanks again From Australia

Be careful of the marriage proposals the inheriting child receives, there are some gold diggers out there!

Hehe, just kidding.
Although there are definitely some lazies to be avoided who probably do want to marry for money.

This post should help you.