Inheritance skipping a generation

[MaryIsA]

Husband and I are redoing our wills due to house move.

I’ve got 3 siblings. One with an only child, one with 2 kids, one with 4. All are comfortable financially but I know one with 4 kids it’s been tight in the past and one sibling is proper rich but you wouldn’t know it...

I’m the youngest by a few years of my siblings. I’ve no children.

At the moment I I’ve left it divided 4 ways between husband and siblings..

Some of my money is from inheritance from my parents and my side of the family. Taking about £100k each.

I’m wondering whether to skip my siblings generation and divide it equally between nephews and nieces. The sibling with the 4 kids has less money than the other 2 and it just seems those kids will get even less in the end.

My money I’m passing on is mostly inheritance from my parents.

Or do I just leave it as it is.

When I first wrote my will, when bought first house and I was late 20s and single - my siblings were my beneficiaries. So when I rewrote it on marriage in my early 40s I still had that sort of mindset. Also my husband is financially sound.

I wouldn't expect anything if my siblings passed away as they have children - that's where it should go.

I am more coming round to thinking that when I rewrite it I'll leave the 3/4 not going to my husband to the nieces and nephews directly.

@LittleOverwhelmed

Slightly different: I am married with a child. If both husband and I pass away, all of our money goes to DS apart from “gifts” to niece and two nephews (think it was £10k each), nothing to my siblings, nor would they expect it. Don’t know what would happen if DS passed away along with us (really don’t want to think about it!): if he did, I would hope that it was split between my nieces and nephews, but that is beyond what I would like to comprehend.

I believe that DH’s parents are planning to leave some to DS (no other grand children) and the rest to charity: we don’t expect to inherit.

There is the whole argument about equality vs equity, but it is a difficult decision.

Although I hope and pray it doesn't happen, we have a 'family wipeout' clause in our Wills, otherwise DH's evil sister would be entitled to a fair chunk of our estate. That would really have me turning in my grave!

Seriously, I do think it's worth thinking of every scenario, to make sure it's covered, and also talking to those who would be left with the responsibility to sort things out. DB knows our thoughts, although he also has our blessing to sort things out as he sees fit, if the situation ever arose. The big thing being that we both trust him totally to do the right thing.

ajandjjmum

Yes we have similar, if neither DH nor I, nor the kids (or an kids they may have) are alive to inherit, it is split 6 ways, 3 on each side, nephews, nieces, godchildren. All specified in both of our wills.

The DC also have basic wills, as they have inheritance (mentioned in my previous post). They leave their money to each other, then 3 relatives of DH who they are close to.

Whilst DC are now young adults with their own cars, they still sometimes share a car with us, in UK or abroad, so the worst could happen, although less likely as they get older.

DH sister is executor of all our wills if no one else is alive but luckily has no evil in her, unlike my DB!

I'd probably split it equally between siblings and nieces/nephews. That way the second generation get a boost, but no one gets left out.

Split between both generations. I hate it when parents are left out just because they have children who could benefit.

On a much smaller scale my DDs got a payout each and I got nothing at a time when I had very little to spend on myself.

On the other hand I would leave it all to my DH with maybe just a token to other family members.

Spend it!!
Or chose your favourite and leave it to them!

We are in a different situation in that we share money and had nothing when we met so everything we have we made together plus we also have children. Our wills (which we must update), state that if Dh, I and our dc pass together, 50% of the estate goes to his sister and 50% to my nephews (I now have 3 nieces as well so really must get it sorted!)

At DM’s suggestion DSis and I inherited a decent sum when our DGP died. DM’s view was that they were sorted but for us it meant having a deposit for a house. DH and I would have got there eventually regardless but I doubt DSis would have done. We plan to suggest the same once our DSs are in their 20s.

A full house renovation, new dog and starting a garden from scratch. I am doing my best to spend it!

Once travelling has started again - there'll be no stopping me.

I always think skipping a generation makes the most sense anyway! By the time someone dies in their 80s or 90s, their children are likely to be in their 60s or thereabouts. Whereas their grandchildren will probably be in their 30s.

What would you think if your sibling skipped you in a will and went straight to your kids.?

I would be extremely grateful that they had left anything to them! My DSis has no children and could leave it to the dogs home if she so wished, but I would think it very kind.

For what it’s worth, DH widowed aunt’s will sounds similar to your current plan.

She and her husband had no children, they agreed that their will would look after nieces and nephew equally. There are 14 nieces and nephews in total across both families (her deceased husband’s family are included).

If her will had focused on the remaining siblings a small number of individuals would receive a large inheritance each. Her actual will means a large number of individuals will receive a more modest amount.

Aunt in Law is alive but in deteriorating health at the moment. MIL wasn’t pleased with the will initially but has come to terms with the fact that the decision was not hers to make or influence. Nieces and nephews that will receive inheritance don’t talk about, in DH’s case his sole interest is the well-being of his aunt not an inheritance that would be associated with her death. He wasn’t expecting any inheritance and we have not build our finances on what what others might give us (or not).

Wishing you the best of luck with your decision.

@stillcrazyafterall

What would you think if your sibling skipped you in a will and went straight to your kids.?

I would be extremely grateful that they had left anything to them! My DSis has no children and could leave it to the dogs home if she so wished, but I would think it very kind.

I have no expectation of anything at all from my siblings - and I have no kids.

I wasn't expecting anything from my aunt and uncle who died having had no kids. It's been a lovely surprise that they have left my siblings and I something. I don't know what they'd have done if my parents had still been alive but they aren't.

I think the expectation from my siblings would be that I would not be leaving them anything and be quite happy that I was leaving something to their kids to help them on their way.

My stepchildren are all very adaquately provided for by their parents and grandparents.

There's a lot of cant talked about inheritance on mumsnet. Yes, of course someone is entitled to leave everything to the local donkey sanctuary. But if there are members of a family who would benefit - whether really need or would just like - money that's family money I generally think most people think it should stay in the family.

It's best when its done fairly.

I always think skipping a generation makes the most sense anyway!

This was my cousin’s thinking when he was terminally ill and sorting his will, in his early 60s.

My mum was still alive, the last of her generation, but almost 90. His 8 UK cousins (he also had one in Canada on his mums side) ranged from early 50s to mid 70s, most retired on good pensions, only one who was not well off through his own fault. He was the only one who complained that our generation didn’t get anything, even though his DC did!