AIBU for sacking off pension contributions in anticipation of large inheritance?

Dementia and second marriage on the death of the first parent could mean you receive nothing.

Surely at around £4 million there is a watertight trust to at least protect half?

Don't ever rely on a future inheritance.

My mother made a will leaving everything 50/50 between me and my sister.
Then she changed it because "I brought shame on her by getting divorced.
Sister still got half, I got 1/8.

Keep paying the pension contributions. Apart from the fact that wills can be changed (and as an ex-IFA I have seen that happen many times), why give up the tax relief which is simply cash given to you by the Govt.?

If it's not in your bank account, it's not guaranteed, no matter how promised. If it comes it's a bonus. Until it does, live like it won't.

I'm kind of surprised that if the estate is worth that much that they themselves aren't doing some forward planning on the estate management and helping you now?

This. OP I don't think anyone should rely on inheritance

Hard to answer without knowing what your current pension pots are...

Save yourself.

Noone knows what government policy will be in 20 years time.

You are relying on the fact that you will receive an inheritance, I see many disappointed kids who didn’t get what they expected (I deal with wills and estate administration).
Plan for your retirement yourself and treat any inheritance as a bonus would be my advice.

One way people don't see an inheritance is if one parent dies leaving everything to their spouse and they go on to remarry and then predecease the new spouse.

If your mum dies before your dad he will definitely remarry at 40 something Eastern European women. Where's that going to leave you?

Hard to say without knowing what your pension fund is now - eg is it just a few thousand pounds? As £1m inheritance might feel like a lot of money but it’s the size of some people’s combined pension savings and it will give a couple a “moderately comfortable” retirement for 25 years. Have a look at the various calculators available. You could be a long time retired ….

Sorry but I don't think that's nice. Your parents have presumably worked hard all their life with the idea of passing something down. If that comes to pass (and as others have said that's a big if!) wouldn't you want the opportunity to benefit your children if you don't need it? I've seen my parents scrimp and save their whole life just to have some kind of legacy. I love the idea of that going towards a house for their grandchildren. Also enjoy your parents whilst they are still here rather than counting your inheritance. Unless they've been shitty parents in which case crack on.....

My grandad got dementia fell out with my dad, wrote him out of his will, then got diagnosed with dementia. They fell out when my dad tried to tell him he thought he might have dementia. People told my dad he could challenge the will but it might not got anywhere. He chose not to when my grandad died. My uncle who'd moved abroad and not seen him for a decade and an animal charity got all the money. Which was a fair amount. Don't assume you'll get anything

We’re a bit younger than you, and potentially going to inherit large amounts from DH’s side of the family at some point (who knows if or when?!) We also know from prior experience that there are no guarantees. However we both have very good public sector pensions and have done all the financial planning to be able to pay off our mortgage by retirement and will have a decent pension to live off regardless. What we are doing now though is having nice holidays and not prioritising overpaying our mortgage. I want to do fun stuff, life is short.

How is the IHT going to be paid, HRMC usually want it up front or at least some on account.

I wouldn’t and I am not ploughing extra money into pensions for the reasons you’ve given and I am not quite 40 yet.

I will pay the usual into the decent pensions we have had for 20 yrs (public sector pensions for both of us) but can’t bear to put the “extra holiday/ kids uni fund” money into pensions when I know I’m getting an inheritance in the next 20 years ie before I retire.

yes it’s a risk but no cats homes are in the will, I’ve seen the will, it won’t change and yes care home fees may take a lot, but I’d still have an inheritance so I would prefer to live nicely now. Retirement is not promised, which I have sadly learnt hence knowing inheritances are coming.

I would personally carry on contributing to the pension until you receive your inheritance and know how you have got. As someone else said the inheritance could deminish with care costs for your parents and with the joint beneficiary factor.

Don't count your chickens, etc, etc, comes to mind!

I suppose if you calculate that if they both needed care, from tomorrow, for the next 20 years and that leaves you and your sibling 500k each still, then you might have a point. What cost per month are you guesstimating on?

@WheresMyPlanetGone I meant specifically does she know what the fees are

On the Elderly Parents board, there do seem to be regular posts from people who are shocked. I think some people have a figure in their head, but it may not add up with what happens when it comes to it.

By the way, where has your planet gone? 😂 excellent username.

Care home costs at current rates at 2k per person per week.
1 person = c. 100k per annum
2 people = c. 200k per annum
x 5 years
= 1 million