by funandfrolics » Mon May 16, 2022 11:22 am
Hi Dazed,
I think your parents have every right to try and be fair about the inheritance you both receive, specially when they chose the godparents...
Locallocallocal posted about her parents giving more to her poorer siblings than to her and feeling punished for having done better (and maybe having studied and worked harder). In her case, I would ask my parents to get my siblings to write a letter that if she lost her money for whatever reason (illness with expensive treatment, accident that stops you from working), they will share their inheritance with her. This way, she will turn things around and they will show their true colours.
To be honest if they sign this letter, her kids may still inherit as by the time she dies, she might have spent all her own money in care home expenses. Whereas, if her siblings have little income or pensions, they may get support from the government... What if they marry someone rich? What if they win the lottery? If her parents wanted to be properly fair, they would put the inheritance in a Trust for the benefit of their descendants as and when they need it. The taxation of Trusts if not great but it is a great tool in these type of situations...
My father in law said he wanted to share his inheritance with his step daughters. We suggested the step daughters shared their own father's inheritance with us (as far as we know he has not remarried so, most likely, they will get his money). We have not heard back!
I myself am very clear what I will do: most of my inheritance will go to a Trust for my grandkids education (and great grandkids if there is any money left). Education is in my opinion, the best inheritance you can give anybody. It is a much longer legacy, and you protect your inheritance from your kid's wasting it to an addiction, asset split on divorce, etc...
Hi Dazed,
I think your parents have every right to try and be fair about the inheritance you both receive, specially when they chose the godparents...
Locallocallocal posted about her parents giving more to her poorer siblings than to her and feeling punished for having done better (and maybe having studied and worked harder). In her case, I would ask my parents to get my siblings to write a letter that if she lost her money for whatever reason (illness with expensive treatment, accident that stops you from working), they will share their inheritance with her. This way, she will turn things around and they will show their true colours.
To be honest if they sign this letter, her kids may still inherit as by the time she dies, she might have spent all her own money in care home expenses. Whereas, if her siblings have little income or pensions, they may get support from the government... What if they marry someone rich? What if they win the lottery? If her parents wanted to be properly fair, they would put the inheritance in a Trust for the benefit of their descendants as and when they need it. The taxation of Trusts if not great but it is a great tool in these type of situations...
My father in law said he wanted to share his inheritance with his step daughters. We suggested the step daughters shared their own father's inheritance with us (as far as we know he has not remarried so, most likely, they will get his money). We have not heard back!
I myself am very clear what I will do: most of my inheritance will go to a Trust for my grandkids education (and great grandkids if there is any money left). Education is in my opinion, the best inheritance you can give anybody. It is a much longer legacy, and you protect your inheritance from your kid's wasting it to an addiction, asset split on divorce, etc...