Will You Inherit? Will you leave an estate?

[TBH]

Will I inherit? God, I hope not. I hope my parents live long enough to enjoy all their hard work. In reality, though, there may be a little something some day. But they're both quite young so it won't be til I am middled aged or even older, and hopefully very financially well-off myself.

As for me, I have a will but no trust. If my partner and I die while our son is a minor, there is a sizeable amount of life insurance to see him through his childhood and college. My partner gets all my assets unless we both kick the bucket. Then our son gets everything. Our assets are not so very large, though, so they'll probably get whittled away in lawyers fees and taxes. The life insurance is what will really put the food in my son's mouth until he can support himself.

We mainly got a will because we wanted to name alternate guardians for our son. If you have minor kids and don't have a will, get one! They become wards of the state if you don't have your wishes spelled out. Then your relatives get to fight over them. It's ugly. Happened in our family a few years back so we're all hyper-careful about naming guardians.

[jodi]

Interesting...I was just thinking that DH and I don't have enough to bother with a trust, then I read debtfreeme's last post about it being cheaper when there is less...something to think about.
Anyway, my parents put everything in a trust for us. Everything is equally in all of our names (myself and my two brothers), but it will basically break down to this: brother #1 gets investments, brother #2 gets the farm (he operates it now with my father), and I will get the house. We'll makes adjustments to make sure all is approximately equal.
As for Dh and I, right now we don't have much to leave. We have a will specifying guardians for our children and life insurance to take care of them. I hope that we will have some type of inheritance for them - definitely the house so it stays in the family (it's on the same property as the farm). I want to make sure that we instill good money values in the kids NOW so that they won't waste what is passed on to them. I have seen that happen as well...very sad.

[jmjj215]

My dad pulled us all in many many years ago and said not to expect a dime from him. He plans on donating it to charity. He's not mega-rich, or even rich, but as an attorney he's done pretty well I think. I really don't have a good idea of it.

I think my Dad's reservation on leaving an inheritance stems from all of the family feuds he's seen as an attorney. Where money divides the family.

It's amazing what money can do to someone. Especially when they don't have to work for it.

[jmjj215]

get whittled away in lawyers fees and taxes

I believe there's an estate exemption of over a million dollars, so taxes might not be an issue.

[TBH]

Originally Posted by jmjj215

I believe there's an estate exemption of over a million dollars, so taxes might not be an issue.

Our state has no exemption, although you're right, the feds don't tax the first so much $$ (the exact amount changes every year between now and 2011).

Aside from that, my partner and I are unmarried, so all the money we inherit from each other (including the value of our house) is taxed, as are life insurance payouts.

For more info on estate planning in unmarried families, check this out.

[mverch]

I'll inherit less than a year's average salary. I wish my parents would go ahead & spend it on themselves, but they won't.

[debtfreeme]

Skip the wills, go for the trusts. Why put your family into the limbo of probate? Why make them wait or make it difficult to care for minor children?

really look at your options. Trusts are better.

[cashqueen]

I doubt I will get much, if anything. My mother will probably only have debt and my dad doesn't have much either. No problem, I will take care of my own money so I don't have to even think about inheriting. If I do, it will be a nice surprise.

[tgavin71]

My sisters and I have told our parents that we don't want any inheritance. We'd rather them spend it on themselves. I know that I will get a small amount of money. Not enough to retire on.
I have told my kids not to expect anything. I don't want to be waiting around until I die hoping to get a big windfall to finance a house or new car or whatever.

My husbands family on the other hand are inheritance obessed. There are still fights and feuds over my grandfather in laws estate. He died in 1972. Grandchildren who weren't even born then have been known to get into arguements. Every time, once or twice a year, we visit MIL she pulls me aside and shows me different things and tells me who gets what when she dies and what each is item is worth. It makes me feel very uncomfortable.

[frugalfarmwife]

In our eyes future inheritances have caused more headaches and misery than anything else in families. I have inherited from my Grandmother and have a small amount coming from a trust from my father, my mom is leaving all her assets to care for my handicapped brother. Hubbies father left it all to his mom.

The biggest problem was when a great aunt died and left money to hubbies mother/aunts/uncles, it RUINED the family and it's all gone, they blew it.

We have no children and plan on spending it all, whats not spent will be left to charities, hubbies brothers have already been told that and not to expect anything for their children. My brothers children will be well cared for and won't need our help in the future.

All I'm leaving to family is my grandmothers jewelry and hope chest to my nieces.

kj

[PRICEPLUS]

I will inherit nothing and quite frankly I don't care to inherit. I will leave my daughter some money and other items. Nothing spectacular here.

[markio26]

I Recently Had A Birthday, And From Talking To My Siblings.. I Am The Only One That Still Has The Entire Amount Of Money, I Inherited... They Are Burning Thru Theirs Helping Their Kids Out Financially And On Vacations, New Vehicles...

[baselle]

Last July my dad died and I'm the process of inheriting from mom, dad, and grandpa. Quite a bit of my blog is about that if you'd like to take a peek. I plan to take care of my money well (so far I've only blown it on IRAs, CDs (the money kind), and T-bills), pay off a few family debts my dad incurred, and leave a small estate to a well-researched charity.

One thing I have learned is that if you have crappy money management skills, you're going to have crappy inheritance management skills.

[jessicasue4321]

i will be inheriting from my grandparents[more than likely from no other person in my family] that just past away 2 yrs ago and last may..5% of there estate.it will be a good chunk of money to me anyway's.so i need some link's to read on the taxes and other things that incur during this prosse's.if you could help out

[shelbylovesmelby]

I will inherit quite a bit once my family starts dying off. Though like most I could use the inheritance now. Not to squander, but I'd like to get a bigger house & a paid off one @ that & see how things are when the time comes as to the rest of it if there is anything left.

[neatdesign]

Originally Posted by jmjj215

I think my Dad's reservation on leaving an inheritance stems from all of the family feuds he's seen as an attorney. Where money divides the family.

It's amazing what money can do to someone. Especially when they don't have to work for it.

Sadly, I can relate to this. I remember growing up reading about people who squabbled over wills and could never understand it. Now I've had a front-row seat to this kind of feud for a third of my lifetime, with no end in sight.

My maternal grandparents both lived very long, productive lives. They had four daughters: The oldest died in 1980 of cancer; the other three are still living, my mother being the youngest. My grandfather died in 1996 at age 88, while my grandmother (who suffered from senile dementia for the last decade) just died last year at age 96. Survivors of the Depression, they were misers, pinched every penny, hid their money away and managed to amass a great fortune.

To make a VERY long and VERY complicated story short, the oldest daughter has been filing lawsuit after lawsuit against the middle daughter and my mother (the youngest) about stuff to do with their parents' estate... FOR 10 YEARS. The most recent lawsuit was filed just 3 HOURS after notification of my grandmother's death. She couldn't even wait until after the funeral. And no, I'm not kidding.

My mother has suffered emotionally and even physically because of this, not to mention financially. She has drained nearly all her savings to pay attorney fees, etc. What should have been enjoyable and relaxing years of early retirement have been wasted away on the phone and meeting with attorneys and writing out affidavits and other such nonsense. The stress it has caused her is enormous and constant. The worst part is that there is nothing I can do about it.

(It's even worse for my aunt (the middle daughter): She's suffered so badly psychologically that she's been hospitalized and has attempted suicide at least once, that we know of. )

Ultimately, the goal of the oldest daughter is to get as much money from my grandparents' estate as possible for herself and her own children/grandchildren. The irony of all this is that by suing her two sisters, she is actually draining money out of her parents' estate -- or what's left of it, anyway. This is because she's suing them over the way they acted as power of attorneys and executors of my grandparents' estates, and so the estate covers some of the legal fees. So her actions mean that, even if she "wins" there will be less there for her to receive anyway. It's so, so stupid.

It is a thought process I have a very hard time understanding. And not just because what my aunt is doing is mean-spirited and hateful. It's because, for as long as I can remember, I've always held the fundamental belief that I was not entitled to anyone else's money or possessions. What my parents or grandparents have, they have because they worked hard and saved for it. If they want to share any of it with me, great -- but I don't expect it. Especially now.

I honestly don't wish this sort of thing on anyone. What makes me sad is to think that if this sort of drama can happen in my little ho-hum family, then it can happen to anyone. Greed is evil.

~ Jenney

[Countrygal]

My mother is still alive,but she tells us all about her Will..she placed the deed of her house in my,and my two brothers names already and told us approx how much we will inherit from her estate.My mom also prepaid her funeral and burial plot,so that we dont have to pay for it.She said she just wants to make it as easy as possible for us kids,when she passes

I will have an estate to leave to my kids as well,,investments my husband and I have made etc...it wont be alot,but it will be something.