Wanted to hear some opinions about wills/inheritances, figured the meeting of the minds here would be good.
1.) Say your parents were still together and one passed away and there was an inheritance. Would it be appropriate as a child (at what age) to receive part of that inheritance? Say you were 25 when they passed away.
2.) Same scenario as both (both parents, one passed away), and the remaining parent sold a gifted asset that was somewhat a gift to the family, should the surviving parent keep all the proceeds or distribute?
I'm on the fence of, it would be nice to receive part of the inheritance as a growth adult, but it's not a responsibility, but idk that's why I'm throwing it to the forum.
If one of my parents passes away first, the inheritance stays intact to cover expenses for the other parent if needed.
Rent and medical expenses add up quickly. My Dad’s rent is $4,000 per month in an independent senior living facility (he makes $200K+/yr in retirement income and investments, so that covers his rent). My Mom’s rent is $5,000 per month in a memory care facility. We have GenWorth insurance to cover my Mom’s rent for about 8 years, then it dips into the inheritance.
I have 3 siblings and our expected inheritance is $400K each, but if my Mom or Dad has serious medical issues that are not covered by insurance, the inheritance will be less.
Furthermore, I was thinking about getting an EMBA at one point and withdrawing $200K from the inheritance, but my brother (the Executrix) was pissed and also my siblings were not happy with this, but ended up not going for the EMBA anyway and don’t need the money now.
Overall, there are a variety of expensive medical issues that can arise, so my brother wants to keep cash available. If I really needed to access the inheritance, my brother said I could, but it would have to be extenuating circumstances until both my parents pass.
I'd be pissed at you too if you were spending $200k on an e-MBA, but you do you.
Yeah riiight - what was I thinking!?!?! haha
what would happen it if it wasn't an inheritance but was an insurance payout? Would you feel differently about that for argument sake?
If one parent is still living, you might want to set the cash aside to pay for medical expenses if needed.
It isn’t my money and I never count on inheritance.
The only thing I feel strongly about is having family items of high significance stay within the family (maybe an engagement ring that has been passed down generations, I had a friend who had a family clock, etc). I would want items that remind me of my parents to stay with us.
Outside of that, any inheritance, insurance payment, etc is not mine, I never count on it and I don’t think I have any right to it. Worrying about that stuff always leads to family arguments. Would I want someone to come in and “steal” from a parent (have a relationship with them just to try and get a cut financially)? No, but not because of the money, but because those are terrible people and can lead to more heartbreak for the parent. But my family could decide to give someone else all the money they have, not my concern.
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