Inheritance -Family money?

[ZekeZeke]

Example:
Married 25 years, no mortgage both work.
2 adult children in University still living at home.(both working part time).
Widowed MIL dies. DH inherits £200,000
Is this family pot money?
DH Money?
DH and DW money?
DH ans DC money?

We share everything so would be joint for us.

Do you share finances?
Do you usually share savings?
Are you financially equal

It’s his but usual to share with you on some level. I plan to put my share of family inheritance in a sep account, help DC with uni costs, fund some home renovations, leave all worldly goods to DH in will.

DH and I discussed this when I inherited a small amount from my Aunt years ago when we were not as comfortable as we are now. He insisted it was mine to do as I pleased with. I bought new double glazed doors and windows for our holiday home and lots of new blinds curtains for all windows and some cushions and stuff. Again when I inherited from my Mum he absolutely insisted it was mine not joint. I used some for a nice holiday for us both and gave quite a bit to DC between them. If/when DH inherits from his Mum it will be his to do as he pleases with. He'd probably do as I did a nice holiday for us both and gift to DC.

Thanks @SiobhanSharpe , same here, He promised everything and I promised to obey. So far neither of us have tested it to the edge. As in most couples.

Joint money for us, though we have given our sons some from all of the lump sums we have had.

I think it's your husband's money, and hopefully he will share some of it with the children or for home improvements, holidays etc.

@ZebraPensAreLife Ah maybe it isn’t that common then. I believe it is usually the norm in my extended family. My parents will states that if I die before them, my spouse would get my share. And it is the same for my siblings spouses if my siblings die. My parents consider their children’s spouses to be equally their children.

Her DH paid off the mortgage and paid for an extension etc...

DH money not DC or DW. He can choose to do whatever he wants with it. Unless his will states it is too be giving to DW and DC.

DH money and then DC.

If you're married then it belongs to both of you no matter who inherited it, but it would feel fair to let your DH take the lead on what you do with it as it was his DM

I'd be interested to know, those who say it's DHs money alone, would you really be happy however he spent it? If he frittered it away on personal holidays, posh cars etc? Or are you working on the assumption that he would save/spend/invest largely with your joint interests at heart?

Family money, but with wiggle room for a splurge

@Seeingadistance Well that actually is exactly what the point of marriage is! I get some people don’t agree with that, but then maybe a civil partnership, for the legal protection, would be better for them.

If you split up and divorced next week half of it world be yours 🤷‍♀️

This is why will trusts can be useful

I think it should be used for the benefit of the family, but the inheritor should have the final say and yes get something for themselves maybe that they've always wanted.

But then the next generation inherits from you too.

Family money.

This is wild. In my view, everything is joint, and I would hope the OP and her DH can decide, together, what to do with that money.

I read these threads about inheritance and sometimes it makes me feel sad. My mum died when I was 10 at the age of 39. She never had chance to leave anything beyond a small teachers pension that gave me £20 a month when I was at university. My dad was made redundant from the pits (and was a redundant father anyway) and had heart problems that stopped him working from the age of 47 (he is 74 now). He doesn't own anything. My grandparents were all dead by the time I was 8 (well nanna at 14 but we had no contact with her) and they didn't have a button between them.

Financially I am ok but in ill health myself now and would love to be able to work less which sooner or later will be forced on me anyway.

I will be accused of envy (well jealousy but it will be envy) but when I hear people say that they inherited from grandparents and parents are around and when they die they will be getting 100s of thousands it just makes me sad. Or that their parents are paying for their children to go to private school so they can not only out compete mine in the jobs market but then also have a massive deposit for a house so they can outcompete them in the housing market too. Or that they just have a relationship with their parents.

I guess 99.99% of the time I don't think about it because that is life, but when I hear people saying that inheritance tax is evil, or that they think their spouses inheritance is theirs (or not), or that they are upset because one sibling got more than them it just narks me a bit.

There is no point to this post at all other than a bit of a moan and for those who are moaning about what to do with inheritance to just remember that you did not earn it and that the advantage it gives you is often at the expense of a disadvantage that it causes someone else (such as being able to out compete someone in the property market).

Yes- I find this a strange thought. When I inherited, our DCs were quite little, DH was building up his business and we were on a tight budget. It would have been exceptionally mean of me to inherit ££££££ and keep it all for myself. Perhaps it’s different when the person who inherits is part of a couple who are already affluent.

DH money, if he wishes to gift DC some of it then he can ( but I am sure is there are rules re money gifts and tax etc. )
but surely if MIL had wanted the DC to have anything she would have put it in her will.

My DH and I have both inherited substantial amounts from our DPs - it never occurred to either of us to keep the inheritance- it all went into the family pot, however, we do have shared finances.

How much IHT is being paid on that £200k? That changes things somewhat if 40% although I'm aware only 4% of the country pays IHT. Don't know why they don't scrap it in the next budget. The richest of people know how to avoid it and the first £500k is exempt on an estate so people with less inheritance don't pay it. Just penalises everyone else, in example our family home is worth £1M. Our Dad died and we couldn't avoid it. Minus 40% IHT, divide between 5 of us (4 children and 1 spouse) and left with not loads. No we couldn't put it in Mum name as she's never been a mother to us, we have to mother her and she's £200k in debt.

Would go to DH & DW to decide what to do, but if DH wanted to do something with it, then as long as it benefits everyone, and it wasn’t a solo DH Amazon trek to spend it all then fair enough