Hijacking from another thread where someone mentioned inheritance...

[btfly2]

I think it would be an interesting thing to know how many of you already have inheritance from your parents sorted. Or how many of you think what exactly you are going to receive from your family when that moment arrives. My parents already sorted everything in their will for my brother and I. We know exactly what to expect and we both are very thankful and kind of lucky I guess. Aibu to believe is important to know what your inheritance is going to be? Curious about your experience and opinions.

OP you can't just delete a thread because you don't like the responses!

I still don't know how you can know what you'll inherit. You can't predict future health as many people have said.

I really need to talk to DM about her will as she's said I am executor (does this mean I get to know what her final wishes were beforehand?) I really don't know.

You don't need to know beforehand. Your job as executor is to wind up her estate and ensure the instructions she leaves in her will are carried out as she expressly intended. It is a very admin intensive role and you should understand what your responsibilities will be so you don't get caught by surprise when the time comes.

Any future care requirements aside, I know that my parents' will says that everything is to be split three ways between my sister and myself with the final third going to my sons.

I feel a bit iffy about that if I'm honest. My sister has no children and it just feels unfair that a larger proportion of whatever is left comes to my little part of the family.

Personally I've never inherited any money. I know that in my sister's will my sons stand to inherit a quarter of the value of the house she and her boyfriend own.

It's worth noting that even if you do take steps to minimise care costs, such as transferring property into the name of a child/grandchild, unlike with Inheritance Tax there is no time limit after which the money can't be claimed back.

With IHT there is a 7 year period during which the former assets will still attract IHT, though it is on a sliding scale.

With care home costs, if the Council feel you have taken steps to deliberately hide assets/funds they will just claim it back against fees anyway.

The minimum amount of money you need to pay for your own care is supposed to be rising to £70,000 but has been put off several times by the Government so I wouldn't hold your breath on that just yet!

Both my parents have much younger partners (& in my father's case very young children) who will inherit anything there is to inherit after care costs. I have no issue with that - they're the ones who will be looking after my parents as they age and I'm grateful to them.

MIL left everything to FIL in the expectation that he'd in turn leave whatever remained after care, etc, to their children & grandchildren. He remarried months after her death & his new wife & her family will inherit anything that hasn't been spent on living or care.

My auntie is leaving me her astronomical debts, and the joyful task of clearing out her house full of compulsively hoarded junk.

Hearing about people who anticipate bounteous spoils upon a death in the family seems very foreign to me.

You can't inherit debt.

My sister and I often tell our parents to spend the whole lot when they both retire and are hopefully still fit and well enough to have loads of fun doing so. We demand postcards though!

We'll probably be left the house - that's if neither of them needs care that will wipe it out. We secretly hope they'll sell up and go on a round-the-world though!

Perhaps I see it differently as I don't see the bulk of my GPs money as earned. They bought several houses way back when and recently the housing market has turned a few hundred thousand into a few million. Yes they worked hard to buy those houses but not that hard. Some of it was hard work a lot of it was external, I suppose it's still their money. It just sucks they by virtue of our birthdays we don't have a hope of similar luck.

My children and step-children know the details of mine & DH's mirror wills. I won't inherit from either parent, my DH knows the % of the estate he'll inherit from his parents.

My mum is leaving almost everything to me, with a lifetime interest in our family home for dad.

She is leaving her half of jointly owned property to my father.

My mum is doing this as she knows many people who never got their mum's inheritance as their mother predeceased their father, and the money went to the children of the father's new marriage.

I've got no idea about my dad's will! I'm pretty sure he's leaving it all to my mum, and then to me.

Can't you, everymummy ? Excellent news!

Though makes me oddly sad for my auntie - the prospect of saddling me with crippling debt has been the one sadistic joy of her twilight years.

My Dad discussed his will with us because he had a different split between my DB and myself and our half brother and sister (from Dad's first marriage). DB and I inherited more because it included assets from my DM who had died some years earlier. As my Dad had explained the split to everyone during his lifetime there was no problems after he died.

Thank you HerOtherHalf and everymmmy. This thread is making me realise how little I understand about the process, it's obviously not a very pleasant topic but I'd rather know now. Off to do some more research.

My parents and in laws are both very wealthy, we are in their wills but don't know for how much (it will be low 7 figures at least). However, they may change their minds at any time, which is absolutely their right and privilege. I'm not counting on anything - and would much rather have them around for as long as possible than any amount of money! Completely dreading losing them actually

I think it's fine to talk about wills before someone dies. I take comfort in knowing that I've made a will. My children know what the split is and I've also said what should happen in case my children die at the same time as DH and I, and who the estate should go to in that eventuality. My mother has drawn up a comprehensive will and we know what's in it.

No idea how much I will be leaving, any more than I know how much my mother will be leaving when she dies. It's a known unknown isn't it?

Two family owned hotels (minority shares in one and majority in another) in one Caribbean island and three houses in the Caribbean, plus some antiques.

My got anxious once before a transatlantic flight and informed me that if he died, he and his wife were leaving everything to be divided in five, between me and my two sibs and my stepmothers two neices. I was like, ok cool but you probably won't die :) He didn't of course.

My gran planned very carefully to leave my mum all she had, but care costs have reduced this to almost nothing. I don't know what my mums own will says but she maintains that as a heavy smoker, she doesn't think she'll be needing a care home. I have no idea what the actuaries say about that.

My Dad got anxious, that should say

My Dad got anxious, that should say

I've left everything to my daughter, though she fully understands that that means everything's that left should I need to go into care.

My brother and I will inherit 3 million each. We are very lucky but we don't rely on that and have both done well as individuals.

My Mum has asked all the kids to sit down with her and my Dad to discuss who is getting what etc. Things like family jewelry, paintings etc. And she wants us to speak up if we want to buy the others out of property or land my parents own so that there aren't arguments when they die (hopefully in many many years).
She has been through her parents dying and not leaving clear instructions and the fall out that left, so doesn't want this for us.
My parents have also said they plan to spend as much of the money as possible as they earned it, which I totally agree with.

I don't think it's awful to be discussing what might happen when someone dies, although depending on it can be fraught with difficulties.

My lovely MIL died at Christmas. She was 97 and was in great health. She didn't need care, took no medication at all and was in full control of her life. We always knew that her will was simple, everything to DH since he is her only surviving relative. We always knew that her home could have been used for care fees. We always knew that there was no other money or assets apart from the house. She gave DH a copy of the will and had POA set up in case it was ever needed.

In the past few years we frequently discussed, in great detail, money, wills, funerals, and care. How can you not? I was able to help her have the life, and death, that she wanted because I knew how she felt about all of these things.

Personally I think more people should be talking about all of these things far more frequently than we do.

Absolutely no idea, don't even know if they have made wills. They have some assets but that could well be needed for care etc or they might blow it on cruises. Late 60s/early 70s so hopefully around for a long time yet. They have enough money for themselves, that's all I care about. They've helped us out massively so I think we've had our share, not that I want to see it like that. Their money, their lives.

Myself and DBro are executors for the wills of both our parents (they're divorced). We also have power of attorney for mum, she's relatively young and with it but wanted it all arranged in advance.

We know the split but not the sums involved, mostly because that could change dramatically if care fees need to be paid. We also know another family member's split because they have no heirs and myself and my DBro are also listed as beneficiaries.

Mum, to be fair, is travelling the world, enjoying her time and health. She's generous with myself and my DBro now because she can be. I don't know what will be left and aren't planning anything based around it.

PIL are just updating their wills. There's potential for disagreements with theirs so I've suggested that DH chat to them about what it says so it's out in the open way before they die. Might not stop any hiccups but at least it was tried.