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?!

Same, but I'm expecting there to be zilch after said care needs.

My dad did have death in service with his job and died suddenly aged 39 so my siblings and I all got 20k each in the early 2000s. Mine went on my wedding and other spunkings

Neither set of my grandparents owned their own house, the same in my husband's family. Although both our parents own their houses, they are modest ones. FIL likely to need significant care, so not anticipating anything left to leave there. Any inheritance from my parents would be split three ways between siblings, so unlikely to be a lot each.

I do feel like I started off in the same position as my friends when we graduated and started the same level jobs. Now they mostly live in much larger houses in nicer areas due to inheritance, or being able to take bigger risks due to there being the anticipation of inheritance paying off the remainder of a large mortgage in the future.

I wouldn't change my family for the world and we have had help in other ways - my parents did loads of our childcare for example. However, I would be lying if I said I wasn't jealous of those who have a financial leg-up.

Great advice @HauntedBungalow but I have to say, having watched my dad die over 2.5 years of unceasing frailty following a bad fall, there is nothing 'fortunate' about 'reaching an age of frailty'.

Yes. Ive already had an inheritance of property and will reach cash millionaire status within the next few years due to this.

Hate these kinds of discussions. Most of us have done it alone - my DH and I have. But we will also eventually inherit from his parents. Not millions, just a half share of the proceeds of their house and any savings that are left after care costs, so about £300k. We’ll be in our sixties when that happens. We are not far off that now and are finally very comfortably off - until DH retires in 3-5 years.

Our children have both been left £30k from my father [a scoundrel I only met three times, but clearly wanted to assuage his guilt by leaving them something for when they reach 21], but I never received a bean from anyone on my mother’s side of the family, for myself or my kids. Yes, it’s a lot of money they will be getting but I suspect it won’t last long when they join the graduate unemployed and aren’t eligible for benefits until that sum is under 16k. They will also inherit from DH and I, possibly in their 50s because we were older parents when we had them. They still have to make a life for themselves and any partner/family before that - so they, like us, will have to make their way based on merit but will also inherit a large sum each when DH and I die.

It’s not really an either/or, is it? Except for a very very tiny percentage of the family who come from considerable wealth.

Well assuming her estate doesn’t all disappear on care home fees. I could get half of my mums property worth about 200k

Not a penny from my Dad as he’s on benefits in rented accommodation.

my husband’s parents are quite well off, their estate might be around a million, maybe a bit more but will be split 3 ways.

I’ve worked my arse off to put myself in a decent financial position such that I’m not relying on any of this money though!

They may think it's possible but find out in the event that it isn't.

Nothing. I didn't ever think about it but now I'm of an age where friends are starting to receive lump sums enough to pay off their mortgage and or renovate and or move.

It's a strange place to be. In a way it feels as if we are living quite different lives now - we are no longer all working and earning money to try and pay bills etc. It's no longer a level playing field. I don't have a badly paid job but I'll be working to retirement age I should think, while a lot of them are set to retire in 10 years. That will very much change the landscape too.

It feels like people are just waiting, wth a safety net.

Absolutely nothing from my only parent. My DH will likely inherit a six-figure sum when his remaining parent dies.

No not really

Dad lives abroad, is skint and in rented accommodation

Mum has savings, a small pension and a house but that will go to my stepdad. He’s 6 years older than me so likely to be around a while. My kids might though.

never had any expectations of inheritance though - I’m financially independent, skint but managing

I received quite a large inheritance from my parents and recently another sizeable one from a relative. Trouble is, I don't know what to do with it! I don't have children, don't want or need to go on any more expensive holidays, have a very nice car and am no longer interested in fashion and jewellery! So the money just sits there. I know I am lucky to have it but money does NOT buy happiness, I have learned.

Not a fat lot from my side - might get 5k when DF goes. MIL is reasonably well off (probably has 500k) but obviously care costs might end up swallowing the lot so certainly not relying on anything.

Do you not fancy donating to some small local charities? I think if I had money just sat there I’d want to do some good with it. I love Jason Manford’s charity ninja idea where they donate to Go fund me pages for kids who need a new power chair or something like that. Or if you love animals maybe donate to some local shelters that struggle.

We are skipping us and giving it to the teens (when they won’t piss it up the wall).

So us nothing.

As it stands dh will inherit half of his DF’s estate (around 300k) along wit his brother. I’m one of 6 so if there is anything it’ll be split 6 ways (approx 50k each). Obviously there might be nothing but I never think about it (unless someone asks) and am not counting on it.

I would say yes from my side but you never know with care / care home fees and inheritance tax rises. We inherited from dh side. His mum was only 52 when she died and 9 years later, his dad at 63. We cleared our mortgage with it, bought newer cars, new shed and a holiday. DH was 35 with no parents. Not easy.

I still have 2 grandparents alive in their 90s. Not expecting anything from my father, we think he's spent it all or been scammed out of it. I'm told there's something from Nan aside for us when she passes. My Mum is due an inheritance herself and has her own home, she's very frugal. Possibly looking at £100k+ each for my brother and I. The ILs are very frugal too, I'd actually love for them to enjoy their money more. Based on their property, it could be £200k+ each for DH and his brother.

It's all irrelevant tbh as it may all go with care home fees yet.

That is so strange for my Eastern European brain to understand. Everyone I know back home had help from their parents: even if they weren’t well off.

My parents helped us too, so we could pay off our house. Now we’ve bought another one with a mortgage, which we rent out and will eventually pass on to our children. That’s how we’re trying to keep the “wealth” — not much, but at least everyone will end up with a paid-off house so they can start their life feeling secure.

Not a lot.

My dad rents and has very little beyond his state pension. Mr Monkey's parents always rented and both died leaving very little.

I inherited my mum's small jewllery collection when she died and it is pretty much of sentimental value only. I did inherit a small amount ( a few thousand) from grandparents in my twenties.

Thar is it I think. We have a lot of friends whose parenrs, while from modest backgrounds), own houses in London and the South East so we are expecting a significant divergance in fortunes in our firendship group over the next decade or so.

Not much in terms of money. Unless things change drastically for me any money I do get I plan on giving to my sibling. I suspect DH won’t approve, but we don’t need the money and neither do our children.
There are some sentimental items passed down from Great-Grandparents that will mean the world to me though.

The issue you will face is the concept of a gift with reservation of benefit - so if your mum gifts you half the house, but continues to live there and benefit from it, at her death the value (although not the legal ownership) of your share will count towards her estate for purposes of IHT and the 7 year gift rule will not apply, meaning even if she lives 15 years, its still counted.

There are two potential work arounds

1/ she pays you full market rent on your share, this would have to be done by the book, you would have to declare the rent as income and pay tax on it - this would make the 7 year rule and taper relief apply.

2/ There is no gift, if you have lived there for many years, not paid rent, but paid costs of maintenance, improvements, paid towards running costs, done work on the property, you can claim that you have gained a beneficial interest in the property and being put on the deeds formalises this, and therefore, in fact, there is no gift - you would need proof of the financial contributions and an accountant to go through it to formalise a paper trail.

An accountant specialising in estates is the best professional to get advice from, not a solicitor as they generally don't have the knowledge on the tax situation accountants have.

Also bear in mind that for care fees, should that become an issue, if your DM has made such a large gift, and if at the time of said gift she had reason to think she would need care (ie has a condition that could worsen etc) then it can be classed as deprivation of assets and the local authority can seek to reverse the gift and take the money anyway.

Giving money to charity doesn’t feel like the safest or most effective option to me. Go fund me also have a lot of scams.

I’m wondering if setting up a foundation would make more sense.

Or maybe volunteering in developing countries, seeing the situation firsthand, and supporting people directly where the need is real. I did this before and it was the most fulfilling experience.

Nothing what so ever from anywhere apart from the two of us starting in one room in a shared house in inner city Leeds 35 years ago. Just work with what you've got. Don't rely on others for your security.

I don’t actually know, but I kinda hope not. I hope my parents enjoy their remaining years.