To think it’s unfair that some people get inheritance while others start with nothing?

My DH is likely to inherit £1.5 million from his parents
I have never really thought about it,am well aware that a lot could go on care homes fees, we have pensions and savings etc
But now we are late 50s and they are mid 90s it looks more and more likely that we will inherit quite a bit and it feels odd
i expect most of it will go to the DC

Not everyone who gets an inheritance comes from a privileged background. I received probably close to £300k in total. My dad grew up like tenement dirt poor with an abusive dad who was in and out of mental institutions. He worked for a chemical manufacturer as a technician (probably why he died young). My mum grew up working class with a dad who worked on a production line in factory. Neither of my parents have university degrees, though my mum landed on her feet in a corporate role before these things required proper qualifications. My parents definitely weren’t privileged though they were able to buy a house back when houses were cheap buy in the 70s.

That doesn’t mean that it didn’t give us an advantage to have parents who worked hard and bought a house at the right time. Dh and I did the same (though we couldn’t afford to buy til our 40s) and as a result, our children will have a sizeable inheritance.

Surely this isn’t a genuine post

Same.

I've been fortunate enough to pay off the mortgage. I'd give it all back in a heartbeat to work for another 14 years but have him here.

The threshold is too low on inheritance tax if you live in places where property is expensive. People hang onto their savings to pay for retirement or care in later life. If they have any savings left to pass on, I really don't see why their families shouldn't benefit. Inheritance tax can be a big worry for sole beneficiaries, which is shame as it's a lot of responsibility being an only child or sole survivor

I think it's unrealistic to expect millions of young people to work for an uncompetitive wage, pay taxes, see their pension age move out, pay high housing costs to preserve the inheritance of others. Although something will have to change as the NHS can't cope with the demographic change.

I do see the big picture but those in power would rather use any other way to increase birth-rates than actually doing what would be good for future children. Personally I don't want to bring children into the world who are on the backfoot before even starting. Let the birth-rate plummet to hell. Most people with any advantage will never want to even slightly reduce it to help this problem. They are still in competition with those who have more.

I doubt I'll have much money left when I die but whatever I have I'd rather give my kids than to the government to share with other people! I pay enough towards the overly abused welfare state 😒

It sucks.

When my grandparents died my grandparents bypassed their kids to give everything to their grandkids except while my cousins were left hundreds of thousands of pounds each we (sisters and I etc) were left nothing. It especially stung because those cousins will get large inheritances from their own parents while my mum will have nothing to pass down. It also stings because my cousins only bothered with them a few times a year yet we were ever present in their lives.

My grandparents sucked. Honestly. Pair of assholes.

I've made sure ds will have something when I go.

Two rules in life...

1. Life isn't fair
2. Reread first rule

Except when it comes to super rich, like the Duke of Westminster who pretty much didn't pay any tax on his £9bn inheritance.

I do see the big picture but those in power would rather use any other way to increase birth-rates than actually doing what would be good for future children.

That ship has long sailed hence it will be immigration, immigration, although it's a tad unpopular. There is no alternative; we already have more over 65s than under 15s.

Most people with any advantage will never want to even slightly reduce it to help this problem. They are still in competition with those who have more.

I would rather higher wages, and unfrozen tax bands than protect more of my potential inheritance. I would like a fairer, safer society, that's a huge plus to me.

Well I received an inheritance and had no wealth so it wasn’t keeping anything in the hands of anyone 🙄

I pay enough towards the overly abused welfare state

🙄 Very few people have paid enough for their education, their state pension and free healthcare. That's the problem....

Not sure if the OP will even come back, but anyway...

It's ok to be annoyed about it, but the reality is most people want to keep what they have, and pass it on to their children - wouldn't you want to do the same OP?

There was a poster who started a similar thread a while ago, moaning about how unfair it all was, but then later on in the thread admitted that she would definitely pass on money to her kids if she could. It's jealousy pure and simple, which is understandable, but not going to do you any good.

Life isn't fair is it? It's not fair that my exH left me, or that I was infertile and was never able to have kids, whereas some people have nice devoted partners for life and get to become parents.

My parents were frugal all their lives and planned their modest wealth very carefully. They considered every purchase, and weren't interested in acquiring stuff or travelling the world. Would it be fairer if the government took all the proceeds from that? Should they have just spent it all and potentially left themselves vulnerable to the "care" the State was willing to provide in their old age?

I kind of agree with you OP and tbh the irony is that most ppl should too. Unless you are seriously rich, anyone should be worried about the impact all the money currently in house prices will do when it gets passed down when the baby boomers start to due off. I'd rather have normal house prices than inherit a lot of money that only puts me on par with my parents who had less senior jobs than me and my DH.

But as this thread shows most ppl concentrate on their own circumstances and think they deserve the 300k their parents earned but don't see that with every generation, we are creating a world where hard work and good jobs will matter less and less and peoples wealth depends entirely on where their grandparents or parents bought a house at the right time or ended up in a care home

Good luck to all our grandchildren when intelligent people who didn't inherit decide not to train as doctors etc because no matter how much they study or get qualifications, they can't afford to live where they want etc. Ppl will get left behind. We see what it's like in London already, ppl priced out , what do we think will happen to house prices when the next generation inherit £££££. In 100 years time, there will very little incentive to study or work. It will be a disaster for society.

It's jealousy pure and simple, which is understandable, but not going to do you any good.

It's insane to label all discussion as jealously. We are in serious financial strife in this country with no improvements on the horizon.

@Colourfulfairylights exactly! My parent's house is well over a million but I would prefer a functioning economy.

Life isn't fair. But no, you're not entitled to other people's money.

If course the state wants it. Expect an increase in inheritance tax (or rather a removal of exemptions soon). Of course ordinary people can't be allowed to hand their wealth down to their cash- strapped kids. The government needs it so they can build another runway at Heathrow so they can reach net- zero.

I spending all mine before I die!
im going to enjoy it, I’ve worked hard enough for it!

🤮

Well said. I feel personally insulted by this post. We inherited zilch!!! A couple of council estate kids from big families who worked bloody hard for 50 years, limited our own family to two and now enjoying the fruits of our labour, travelling where we want when we want. We’re already offloading surplus assets to our middle aged ‘kids’ which gives us enormous pleasure.

Who told you life was fair?!