To ask if you’re likely to inherit much?

[WimblesThimbles]

Anyone else not really got any generational wealth to speak of?

I have £30k in savings for a house deposit, currently rent and I’m nearly 40. Not much likelihood of a lottery win and no generational wealth to come into.

I feel like all my friends have had a financial head start through some type of either financial gift or inheritance.

Anyone else like me, and just going it alone?!

Nothing from DH side and a token gesture from my side of the family

In theory yes, in practice no idea.

My mum enjoys wielding what she might or might not do with 'my inheritance' over me.

Years ago she and my dad severed the joint tenancy on their property so each could leave their half to me in co-ownership with the surviving parent who would have the right to remain as long as needed/wanted.

I subsequently found out she'd set it up so that this happened with her half, but my dad's half went directly to her which is what happened when he passed away a few years ago.

Since then she's changed her will from
leaving her estate to me (only child) to splitting it 50/50 between me and my daughter.

She's currently 87 with a raft of health conditions, including heart, BP, kidney issues, high cholesterol and insulin dependent diabetes but is showing every sign of getting a telegram from the King (probably William at this rate!)

Between her financial jiggery pokery, the possibility of care costs, my working myself to the point of exhaustion due to CoL and the fact I'm doing something this year which will royally piss her off, I'm not counting my chickens!

Yes. My parents have multiple rental properties, investments and a house worth about £1.7m. They are very savvy and have structured it all to limit IHT and care home if needed. I believe it is about £5-7m which will be split 4 ways. My kids had an inheritance from their paternal GP’s so have house deposits. Mind you my parents are late 70’s and in great health so not expecting anything for ages. A single aunt is likely to leave the kids a good chunk too.

However, none of us have had a penny since we left uni, their money is very closely guarded, counted and very much not shared

This happened to a family friend of ours. She went into a care home. Her house will need to be sold to pay for the fees. Her 2 sons own property and aren’t badly off but her daughter is in a council flat and has a degenerative eye condition where she may go blind. The irony is that when family friend was younger she didn’t have much and ran away from an abusive husband. Her ex boyfriend helped her buy a house in Battersea but he then told us once that hr wished he hadn’t helped her or rather he didn’t realise at the time how much her house would increase in value. He was extremely wealthy though anyway, in property, sent his 4 sons to Charterhouse.

I don’t know. I have a parent I am NC with and have been for many years. I have no idea what will have been done, I would imagine steps have been taken to prevent me from my legal right but I just don’t know.

As with other posters, a lot depends upon the currently unknown factor of how much my surviving parent will have to pay for care in old age. My sisters and I (late 50s/early 60s) will each inherit 25% of his estate and the other 25% will be divided between his adult grandchildren. Assuming he dies with his boots on, I'll inherit a useful but not life-changing sum.

I doubt it.

My mum did give me about 6k when her parents passed. Which was so good of her.

Parents have retired quite a while and their house isn't worth very much.

Mum gave us all a couple of thousand quid a large number of years ago when she downsized. She was going to do it again a few years after and I suggested she didn't.. as she should spend her money on what she wants.
She's leaving everything to the grandchildren in her will.
My in-laws will require a care home and that'll eat everything that the bil hasn't conned out of them.

My DB won’t get any pension apart from a state pension but his wife will get a good one. She will inherit from her fairly wealthy parents.

My mother in laws favourite doll, Michaela. She has had her since she was 4, I have had my beady eye on her for a while, even though her foot is chewed lol
I inherited £1.5k from my late father and used it to buy a headstone for my sister.

Lol no. All I got from my family is high blood pressure and an unusual haemaglobinopathy.

Not on my side, no - but my bio dad left everything he had in trusts for my kids so about £30k each that they get when they are 21. DH’s will inherit a 50% of his parents wealth, assuming not taken up in care home fees which is unlikely as they are both fiercely independent and come from a long line of oldies who have refused to leave their homes before they die. He and his sister should get a min of £300k but not for at least ten years as his family all compete to ensure they make it to their 95th birthdays!

Our kids will very well off if we don’t mess up our finances, though.

Not a penny here. My mum had a death in service payout from her employer when she died suddenly. Thankfully there was enough to pay for her funeral as my siblings and I were young and didn’t have two pennies to rub together at that point. Can’t miss what you’ve never had I suppose.

How can they 'structure' it to avoid care home fees when they are this wealthy?

Disgraceful if this is possible, when most people have to sell their 200k home to fund it.

My side - nothing. Mum in a council place and my (remarried) dad who had paid off his mortgage, then did equity release off the telly ads during COVID.

My DH - perhaps but there are lots of variable I guess such as care costs etc.

we were very lucky to get some help from a GP on my DH side - £10k - to help with our deposit.

Rich stay rich, poor stay poor

Nope.
It'll all go on care fees, both sides.
Which is fine.
All of them in their 80s now, all medically complex buy could live for another 10 years 🤷‍♀️

I'm 34 , set to inherit about 5million , but hopefully I won't see a penny until im much older, my DF would never dream of giving me or siblings a penny early . Self made and that's how he wants me to be (sadly ) 🤣. I do enjoy nice holidays etc with him.
It will obviously massively benefit my 2 sons.

My mum and dad have amassed a relatively large amount in pensions and assets, probably currently worth £2m. I would add though that I’ve had no money off them thus far (as in for deposits etc) and people in my family tend to live a long time. It’ll be divided by 3 and obvious any potential future care costs will come out of it
I feel a bit sad about it because I feel dad has grown this money (he makes the financial decisions) with the sole purpose of passing it on, rather than enjoying it with mum. He has a very strange relationship with money, like many boomers

No. Have a seriously unwell sibling so anything will need to go towards their long term care

Both my parents died over 20 years ago . House split between three of us. It enabled my sister to buy her flat for cash before she was 50. It propped up my family as DH had long term unemployment due to illness . My brother did some home improvement. Granduncle left property but as I was his sole carer he left larger share to me . Brother not talking to me over it . DH father still alive at 90 so anticipate care fees and if not a small amount between two . Because of DH disability my kids won't have as much as I had hoped as we face an uncertain future ourselves.

From DHs side we will inherit the funeral bill for his twat of a dad.

From my side zero.

Zero financial help from anywhere ever in our lifetime either. We’ve done it all on our own.

Mum just died on Sunday

87 years old

Im 62, I have my house paid and work PT , as does DH - punching in the time till our state pensions pay in

There will be a small cash inheritance but wtf use will it do us?

Yes we will take a holiday to Australia to visit the family we haven't seen for 20 years

Me and DH have given what we could to his kids ( my step ) as and when we could afford to and when they have needed it over the years so we won't have money come our deaths

I needed money 30/40 years ago we I was starting out, never forthcoming and now when Im just about to get state pension, the money is there

We are looking at how to make out later years comfortable , I dont intend to leave "an inheritance " at all . The small amount I get from mother, that will pay for the grandchildren's driving lessons and first ( very second hand ) cars

Nope. We grew up win little mum and dad got into debts and credit etc. Mum had many health problems and died younger with nothing of value.

Dad lives in council accom and while he isn’t in poverty apart from a couple of grand and a car, no inheritance but funeral plan paid for which is something.

My partners parents much more sensible in life and he has an eventual 1/3 share of a house worth around 600k plus money ( i’ve no idea what)

I don't plan my life expecting to receive anything, as they could end up in care, and it could be gone in a couple of years, and I have quite a lot of siblings to share it with, but I will probably end up with a decent six-figure sum. Feel like I should keep a good chunk for deposits for our kids though. Time will tell.