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?

Yes, 50/50 between my brother and I.
My dad did mention leaving my half directly to my children and my mum told him no way. They will probably leave something directly to my children but the bulk to my brother and I.
They both have defined benefit pension scheme and their income is more than their outgoings. They have been gifting amounts to my brother and I for about 20 years.
Then again it might end up going on care home fees.

@Dontrainonmyparade

If you are left something in a will you can get a solicitor to do a deed of variation and leave it to your own children instead.A lot of people do this as parents make wills in their 50s and then do not die until they are in their 90s when often their children have no need of their money.

No. I've told them to enjoy & look after themselves and not worry about leaving anything to me.

As far as MIL is concerned, DH is one of 4. One of his siblings has died, so I'd expect it to be split 1/4 each to the three remaining children and then the children of my deceased BIL would get 1/3 each of the remaining 1/4. But she may well not have done it that way. She currently lives at home with carers coming in, but it seems likely that she will go into a home at some point and so care home fees would likely eat up the entire value of her house. She has a prepaid funeral plan. DH doesn't expect to get anything other than a few mementos.

I dread to think about it, parents are divorced. Mum is remarried to step dad but don't a will as they can't decide on how things should be fairly split - he as two kids, she has two kids - but he can be sneaky re money so wouldn't be surprised if he had a secret will somewhere!

Dad isn't married but been with his partner for 20 years, but the house is seen as very much hers.... he has no assets so not expecting anything from his side of things.

My mum has a life insurance policy that names myself and my brother as recipients should anything happen.

Whichever of the parents or step parents go first, it's going to be a nightmare to sort out. Relationships between the step siblings is not except close!

Maybe from my mum (Although I'd rather she lived forever) Not from my dad (When dont get on)

No. My parents haven't got any money. I expect I'll just have funeral and house clearance costs to pay for so it'll cost me money.

Yes I am as I'm executrix and trustee and was involved in the drafting of the wills but I plan to execute a deed of variation and bypass me for most of it so it goes direct to my children.

My parents are millionaires but we're estranged (and they're also estranged from the rest of family). So... I guess it's gonna go to charity.

If you are left something in a will you can get a solicitor to do a deed of variation and leave it to your own children instead.A lot of people do this as parents make wills in their 50s and then do not die until they are in their 90s when often their children have no need of their money

But why would you need to do a deed of variation? If my mum passed and there was money left from care fees or whatever, and DS needed some eg for a house deposit, I'd just give him some of it.

My parents are very, very wealthy. They are also spectacularly mean. I’m an only child and fully expect nothing. My mother was quite cross that I and my four cousins are named as beneficiaries of our childless uncle. Her response was “we’ll see about that”.

They are in many respects quite normal, but really peculiar when it comes to money.

My nana house will be split between me and my dad and brother, it'll be about 150,000 each. My mum and step dad have a house that's worth about half a million at the moment that will be split between me, brother and step brother. Both quite young though, I'll end up giving a large chunk to my own kids.

But why would you need to do a deed of variation?

So it’s not taxed twice? Inheritance tax to you, then capital gains when passed to your child.

Yes, my dad died sometime ago and my mum has virtually relinquished financial control of her investments etc. to me and my siblings as she can't cope with it. In her will, provision has been made for the grandchildren and rest to be split equally between us siblings. That won't change for sure so i do 'expect' to benefit from inheritance.
However, what is most important is that everything she needs is covered whilst she is alive, and it will be..

My brother and I expected to be left everything by df. But he remarried after our dm died and left almost everything to his new wife.

If there is anything left after paying for care I would expect it to come my way (only child). However I have encouraged them to spend it and that I am just fine and they seem to have listened - they have a nice comfortable car and about five holidays a year. But unless it is swallowed up in care fees, I would see the house coming my way as they can't spend that having fun!

I worked my backside off and was the first to go to university in my very working class family, my parents may be from the east end and both left school at 14, but they own the home I grew up in, at some point unless it goes on care bills, I will inherit that (with dB) and I was always told that. It didn't make me slackoff, I worked a personal job plus a low washed job to be able to buy my own flat at twenty five, my parents couldn't afford to gift a deposit and why should they anyway. So regardless of expectations around inheritance, I was taught expectations around hard work and independence.

I will receive 1/3 from my mothers will but only if there is anything actually left. She has taken early retirement and has 12 holidays booked this year. Mortgage paid off years ago. Assuming she has a long life like my grandparents (still here at 84) there's a good chance she will spend a lot of it. And good for her, she worked in the nhs for over 30 years and she deserves this time.

I know my siblings and I will benefit crom my parents' will although not for a long time I hope! 😕

They talk about money quite a lot so I'm aware of how much money is tied up in their properties, shares, savings, etc. Yes, money may be needed for care when they're older but there should be still a large amount for each of us.

I know that sounds callous but my dad has worked so hard and invested money so wisely that he'd be gutted if we didn't all end up with a good inheritance.

No, I expect my parents to need to fund decent care. My mum is likely to live to a grand old age (well, as likely as anyone really is, I know something could crop up any time but she is a fit and healthy non smoker from a line of women who lived long) and at some point I expect she will need to rearrange her life and pay for that. For them and for me, especially after the fallout and decades of toxicity from when my nana needed good care and half the family wanted to commit fraud so her house didn't have to be sold to fund it , the priority for their assets will always be their wellbeing.

@goodgodingovan - your step mother may change her will now that your father has died. That’s what happened to me.

I am quite surprised about this thread, usually on threads on Mumsnet about wills everyone usually says that it's the parents' money and they shouldn't expect anything.

Maybe it's different when they're asked about their own inheritance rather than someone else's.

Anyway. Yes I will expect to inherit but that's partly because on their death I will have sole responsibility for my very disabled sibling who's very complex needs already have a big impact on my life and the decisions I make. Their benefits package doesn't really cover their expenses so for them to have a nicer life (with some holidays, trips, excursions etc) that would have to be subsidised.

Obviously I would pay it out of my own pocket if needs be but as my parents are not badly off they can leave a nest egg for that.

But it's not a bone of contention, they're generous and want their children and GC to benefit from the money they've built up.

But why would you need to do a deed of variation?

If it comes via you then you' be making a "Potentially Exempt Transfer" to your children. You'd then have to survive at least 7 years to avoid any risk of IHT being payable on the gift. If you've made other large gifts then it can get somewhat complicated. Generally though it's only going to be a problem if you have an estate that is close to the IHT threshold or you find yourself needing a care home fairly soon afterwards when you could be caught by the deprivation of assets trap.

If you do the deed of variation the money goes directly to the children without passing through your estate so bypassing the need for you to live 7 years.

I know myself and my siblings are getting our parents house to do with as we want.
We are an open family and are all of the same opinions of spend it while you can. My parents have good pensions and savings but if they need to sell the house for whatever reason (care, holidays, feel like it) and we get nothing then we don't care.
If we do inherit and sell the house our parents have asked we use the inheritance on we want.
Personally, if I do get any inheritance I'll pay off some of my mortgage but I would put the majority into my kids account as he will probably need it more than me

I expect zero - I’m only child through my parents.

They are divorced and father has child through a later marriage. Younger Half sister will inherit the lot (there are 4 other children from previous marriages). Shrug shoulders.

I’ve worked hard always. I’ll get nothing from father - don’t expect to. Proud of what I don’t have.

Working hard to ensure my ds has a bit.