Do you 'Expect' to Benefit from Your Parent's Will

[Pembsgirl]

My parents had nothing, so having no 'expectations' of an inheritance in years to come, I worked hard for everything I've got, but so many people own their own homes now, so am I being unreasonable in thinking that the vast majority of people these days 'expect' to benefit from their parent's Will, and wonder how they'd feel if parents left it all to people other than their children?

They have to be living in it, renting it out, or you have to be paying rent.

My parents have had a few health concerns over the years and have been very open with regards to the contents of their wills and where to find a copy of it, along with bank details etc. So I know I will inherit along with my sibling and our children, unless the house and money have to be used to fund their care at some point.

Neither of my parents are 60 yet, and I still have my grandparents, so it will be a long time until I need to think about this.

They are both single and own their own houses outright, and have decent pensions and savings - neither travel or do anything really - so I would expect to benefit.

It's not like I'm relying on it or counting on it (as I said, it could be 50 years off anyway!) but I would indeed assume that it would be left to my brother and I.

Of course, there is always the chance that they will need to pay for residential care in the meantime, or they may remarry, in which case their partners could get the house.

What will be will be.

I would very much like my mum's house, but that's because it's the family home where all of my memories are, rather than because I want to benefit financially.

Yes, I'm NC with my dad and he owns a farm and a hotel in a different country so I'm hoping to get a piece of each. Although he's under no obligation to to give me anything.

@gingergiraffe

that trick doesn't work if they continue living in the house.

I don't expect there to be much and there's 5 of us to split between but I do expect my parents' to leave anything to their children and would be quite surprised if they didn't. Mostly I just hope they make the will very very clear so there's no vagueness for anyone to argue over.

I lost my dad very unexpectedly, he was only 56 when he died. I had no idea that my dad had as much £ and investments as he did and wish to god he’d have spent more on himself because I actually feel guilty spending the inheritance. I’d have been happier if he has retired younger and just enjoyed his money than working his ass off, dying prematurely and lining my sisters pockets and I.

Yes I do hope to inherit something. Parents are in their 80s - both in reasonable health- and even if they did need to go into care, it would be a number of years before their funds would be exhausted.

However we don't count on receiving anything and recently have been sorting out my pensions to maximise them, so if we do get something it will be a nice bonus rather than needed and we'll try to ensure that DS is set up comfortably as well.

I do feel fortunate, but I'd rather that my parents have a few more good years and are able to enjoy them.

I expect to inherit 50:50 with my brother and if anything should happen to either of us before mum passes away then our share will go to our children.
My aunt is wealthy and childless - she was going to leave her house and valuables to me but I asked her to bypass me and leave it to my children, to whom she is very close. She agreed and wanted to make a will to this effect. I booked a solicitor and took her and I paid for the solicitor since my children will benefit.
I would be devastated and confused if either mum or aunt left anything to anyone but my sibling and I and our children as we are very close.

I would be devastated and confused if either mum or aunt left anything to anyone but my sibling and I and our children as we are very close

This is exactly how I felt about my dad. I'm a bit bemused by this idea that people wouldnt feel a bit weird if their parents left everything to some random person they weren't that close to after they died.

I cared for both my parents in turn when they were ill until they both died. I'm an only child with no other family members. When my dad died I got the lot. Who ELSE would it have gone to?? If he had left it to the cats home I would certainly have felt really really upset. I put my life on hold to care for him in the later stages of his illness and none of his friends ever bothered to come and see him. It was just me. I would have been absolutely bewildered and really really hurt if he had left it to someone else because he had noone else around him. I'm not going to feel bad for that either, I think its a perfectly normal reaction.

I hope to benefit from my parents will, but it's a hope rather than an expectation. I actually expect that their house will need to be sold for them to have care in their old age.

I would be devastated if they had money left and they left it to people other than their children or grandchildren. My sister really needs the stability that any money they could leave her would bring (she has disabilities and a very low paid job). I would actually be fine if they left all their money to my sister, as dh and I are financially ok, but they won't as they are absolutely fair in the giving of money to us.

The tiny bit my mum had went on care home fees. (Her flat didn't even pay for one year.)
My father is useless with money, so there won't be anything there.

Have never received anything from either of them and am fine with it tbh.

It's only when I hear of more fortunate others who get lots of help etc....... It's one of the things I find some incredible about Harry and Meghan's situation. They don't seem to have any awareness of how lucky Harry's been.

Wouldn't bother me if they treated my brother exactly the same way.

I know I will benefit as my mum and dad have told me as much. However I have still "worked hard for what I have" and bought my own home. My parents were in their 20s when I was born so if I waited to do anything for an inheritance I would probably be nearing retirement or older!

yes but im an executor on their wills so i have copies. everything is split evenly between me and my siblings. they expect us to take care of our own children via it and sort that ourselves. im fine with this as i have multiple children and my brother has none so it wouldnt be fair for them to get an original share.

Yes - but only because my parents have shown me their will (and I'm an only child).

That said I'm not counting on the money and realise circumstances may change (if they need care in the future for example a huge amount of their wealth will be needed to provide this).

My parents are active and have a nice lifestyle (holidays/cars etc) and I'm all for them enjoying what they have for as long as they can.

Upshot is I know I'll get what they have when they die bit I've no idea how much that would be and don't factor any of my financial plans around that.

Not really.

They own a substantial property in the north of England but I'd imagine if both of them go to good care homes his will be eaten up.

Better spent on their care, in any case if they get to the age of their parents, I will be retired!

No! My parents give the lie to the common perception of Boomers.

Despite having always worked, they have no money and are managing on state pension and crossed fingers.

DHs parents were similarly unusual for Boomers. No money, no assets, nothing to leave.

My DPs have discussed their wills and current assets with my siblings and I very openly (one of us was given help to buy a house so their wills were adjusted to make up for it, and they wanted to make sure we all thought the adjustment made was fair). Given the assets, their ages and health, I think it’s likely that I’ll inherit a low six figure sum which I’d want to give to my DC for flat deposits.

And @gingergiraffe, if you married your OH you wouldn’t have to faff around with leaving shares of your house to your DC, which as others have pointed out might not work anyway - the second to die will inherit the unused IHT limit of the first.

I just did but as my mum spent the last 2.5 years in self funded care most of it was used up. Which is fine. I have given some to my children and grandchildren.

I know that my parents plan to leave my brother and I a chunk, but:

a) They're both from very long lived families

b) Both of these long lived families had the same plan but it mostly went on care fees (quite rightly, and gave them a good quality of life)

So no 'expectation'.

My parents regularly talked about their will in their later years and we all knew what to expect. They were scrupulously fair. I would have been totally happy of they had spent it all on themselves but would have definitely been very hurt if they had left it to other people. To be fair,.that would never have happened. My mother always wanted us to benefit from her financial know how ( and she was good with money) . She was fierce in her desire for all her children and grandchildren to benefit from what she had. She saw it as an extension of her love.

Sadly my mum died a few years before my very elderly Dad, who I looked after for several years before his death at 91. He was scrupulously fair and his estate was split three ways between me and my two siblings. My husband and I are financially cautious people who don't have or want a flash lifestyle - so we passed on the majority of my inheritance to our only child which gave her and her husband a very decent deposit on a small family home. We recently moved to be nearer them and have made some money on the transaction due to slight downshifting due to our ages - we would like this to be invested in property, so when they need to move we will help them again and they know this. They are both hardworking and financially careful too. I love to see them benefiting from family money while I'm alive. To me, as we don't need that money, it makes perfect sense. We have made wills which will leave everything to our daughter anyway if we avoid the dreaded care home!

My father left enough for his funeral and nothing else. I intend to do the same.

I know my parents' wills & yes I am main beneficiary in both. However my mother is in a dementia care home & my father is looking like he might be heading in that direction so not expecting anything. Just relieved that there is money to give them decent care rather than a LA-funded waiting room for death.
Plus I'm mid-40s, no mortgage or children, an ok-sized pension fund so time to sort things out financially for me.