[teaston]

I would like you guy to give me your opinion on an inheritance related question if you could please.

My Grandma passed away last year, and my parents are receiving an equal 25% share of the inheritance (along with my Dads two brothers & one sister). I don’t want to reveal the exact amount of the estate, but let’s just say it’s more than £100k & less than £1m.

My question is, should my wife and I (and my sister & brother in law) be glad if we receive any of it, or disappointed if my Dad doesn’t split it three ways between us? I genuinely have no idea what is the “done thing” in this situation.

[mikeoz]

I guess there is no right or wrong way on this.
If the wishes of the deceased person are to give to people X and they receive it then it's entirely up to that\ those people who if any they pass on to..

[MashinBenzin]

It's a tough one, and depends so much on individual circumstances.

Generally, I'd like to think that comfortably well-off parents would pass some down to the next generation (yours) who will benefit from it far more - in terms of the difference it's likely to make to their lives. If my daughter was an adult at the point that I inherited, I'd like to think that I would pass some/most on to her. Unless she'd married a bell-end

I would say, be grateful if you receive anything and don't be disappointed if you don't. It is your Dad's inheritance and his to do with as he chooses, so just appreciate their decision either way.

[Rbrown]

I think it just depends....don’t think you have any legal entitlement.

Also, if your parents give you a sizeable wedge, you may be charged inheritance tax.

I’m not an expert by any means. See what others say.

[teaston]

Originally Posted by mikeoz

I guess there is no right or wrong way on this.
If the wishes of the deceased person are to give to people X and they receive it then it's entirely up to that\ those people who if any they pass on to..

Yes I know it’s absolutely up to them, but ultimately they have to make a decision and I have no idea what would be a reasonable decision.

[teaston]

Originally Posted by MashinBenzin

It's a tough one, and depends so much on individual circumstances.

Generally, I'd like to think that comfortably well-off parents would pass some down to the next generation (yours) who will benefit from it far more - in terms of the difference it's likely to make to their lives. If my daughter was an adult at the point that I inherited, I'd like to think that I would pass some/most on to her. Unless she'd married a bell-end

I would say, be grateful if you receive anything and don't be disappointed if you don't. It is your Dad's inheritance and his to do with as he chooses, so just appreciate their decision either way.

Yes I’d like to think that I would split it three ways if I was in their position. They are financially comfortable, have two properties with no mortgage, are in their mid to late 60’s and my Dad still earns a good wage. We have one income, a large mortgage and a young child to look after.

[TouringPleb]

As your Grandmother left everything to her children, I'd look upon anything you receive as a bonus and not to expect anything.

[moonshine]

I'm my opinion, they are under no obligation to share it so don't hope / expect a share.
If they decide to share, be grateful and happy. If they don't, well... Move along and don't let it spoil a relationship. Nothing sours relationships between friends and family quicker than money...

Remember that even if it is not shared at the moment, you may see a part of a future inheritance whenever your parents eventually pass away.

Alternatively, they may have a great time in Las Vegas and leave nothing... But that is ultimately their choice..
Good luck

[UKF30]

They are your parents and I am sure they will share with both of you which is right thing IMO but it's entirely their choice in the end .

You being their son expecting is a normal thing mate .

[Nobby Clark]

Originally Posted by Rbrown

I think it just depends....don’t think you have any legal entitlement.

Also, if your parents give you a sizeable wedge, you may be charged inheritance tax.

I’m not an expert by any means. See what others say.

Inheritance tax (if applicable) is paid by the receiver, the parents in this case. However, if the parents then gift the money it is free of tax unless they gift in excess of £325k in the 7 years before their death.

[Scoobyd]

You've no entitlement to anything whatsoever. It's their money and they're the chosen beneficiaries of their parents estate. What they go on to do with it is entirely up to them. But there should certainly be no expectation that you should see any of it. As mentioned above I'm sure it will ultimately find its way down to you eventually anyway as you will no doubt be a beneficiary of their estate.

One point to note though is it seems as though they may have a sizeable estate of their own already. In which case they may want to consider 'gifting' some to yourself or other future beneficiaries as a means to try and avoid the 40% IHT hit on it in the future. Taking into account the 7 year rule on gifting.

[teaston]

Originally Posted by moonshine

I'm my opinion, they are under no obligation to share it so don't hope / expect a share.
If they decide to share, be grateful and happy. If they don't, well... Move along and don't let it spoil a relationship. Nothing sours relationships between friends and family quicker than money...

Remember that even if it is not shared at the moment, you may see a part of a future inheritance whenever your parents eventually pass away.

Alternatively, they may have a great time in Las Vegas and leave nothing... But that is ultimately their choice..
Good luck

My parents estate is left to me and my sister 50/50, even if one passes first and the other re-marries it cannot go to that new partner, or at least that is how their will is currently written.

But we are talking about hopefully at least 30 years time, when my wife and I will likely be financially comfortable, mortgage free and no dependants, so the money would be much more helpful now.

[Watsey]

I'd be careful not to get into a mindset of expecting anything. Your parents are beneficiaries of the will, not you (inferred from your post).

However, if your parents choose to pass some of their inheritance to you I'd recommend you talk to a good IFA about a Deed of Variation. You may also need a solicitor if the IFA is an individual rather than a practice with an in-house of retained solicitor. A DoV can be brought into effect up to two years from the date of death, and can have significant tax benefits if the right conditions are met, i.e. the deceased's estate not being subject to inheritance tax.

My mum opted for a DoV when my gran died a few years ago and a significant proportion of the will bypassed my mum in favour of my sister and I. Entirely her choice.

[F20MAW73]

When my grandad passed away the other year his estate went to my parents which was probably worth say £250k ish.

Mum and dad gave me and my sister 20k each. They also gave the 2 grandchildren 5k each to put away in their savings.

We were grateful for the money and it went to good use on house improvements mainly.

[Chas325]

Originally Posted by F20MAW73

When my grandad passed away the other year his estate went to my parents which was probably worth say £250k ish.

Mum and dad gave me and my sister 20k each. They also gave the 2 grandchildren 5k each to put away in their savings.

We were grateful for the money and it went to good use on house improvements mainly.

Exactly the same here, even the figures are about the same..

[SkyJawa]

They get hers, you get theirs. Anything else is a bonus.

[HighlandPete]

Originally Posted by moonshine

Remember that even if it is not shared at the moment, you may see a part of a future inheritance whenever your parents eventually pass away.

That is often the case, a will set up to pass it on anyway, whether anything is gifted while parents are alive or not.

My wife received a 'part' inheritance from her aunt's estate, of which she decided she wanted part of her share to go to our son and family. For the reasons most parents would, assist a younger family with more financial commitments than we ourselves have.

In our view there is no point in us banking it all, until we are no longer here. Could be too late to help our son and growing family. We'd rather see them thrive, while we are still here to see them enjoy it.

[Ss66]

Originally Posted by mikeoz

I guess there is no right or wrong way on this.
If the wishes of the deceased person are to give to people X and they receive it then it's entirely up to that\ those people who if any they pass on to..

The way I see it.

[Goneinsixtyseconds]

I seem to remember a thread where you quite vociferously defended your right to have your children stand on their own two feet and that you had no intention to save any money at all for them.

Yet, there seems to be at least a partial expectation for your own parents to be a little more thoughtful? If you did inherit do you think you'd put some aside in savings for your own children, or is your mindset still pretty fixed on not doing so?

From personal experience, I got a couple of thousand when my Grandma died, but my Mum got the majority. I was pleased, because I didn't expect any. Hopefully my Mum will be kind enough to leave some to me in her own will one day, unless she spends it all on cruises. If she does, good for her.

[JustChris]

Originally Posted by teaston

I would like you guy to give me your opinion on an inheritance related question if you could please.

My Grandma passed away last year, and my parents are receiving an equal 25% share of the inheritance (along with my Dads two brothers & one sister). I don’t want to reveal the exact amount of the estate, but let’s just say it’s more than £100k & less than £1m.

My question is, should my wife and I (and my sister & brother in law) be glad if we receive any of it, or disappointed if my Dad doesn’t split it three ways between us? I genuinely have no idea what is the “done thing” in this situation.

Well I guess whatever your Dad has received (the 25% figure) is his/mums until they decide to pass it on to whomever they see fit...hopefully you old boy!?

335D still for now

[teaston]

Originally Posted by Alex440

I seem to remember a thread where you quite vociferously defended your right to have your children stand on their own two feet and that you had no intention to save any money at all for them.

Yet, there seems to be at least a partial expectation for your own parents to be a little more thoughtful? If you did inherit do you think you'd put some aside in savings for your own children, or is your mindset still pretty fixed on not doing so?

From personal experience, I got a couple of thousand when my Grandma died, but my Mum got the majority. I was pleased, because I didn't expect any. Hopefully my Mum will be kind enough to leave some to me in her own will one day, unless she spends it all on cruises. If she does, good for her.

I remember that thread, pretty sure I just said I wouldn't be putting money away for their university education when they can get a student loan that they then pay off for a pittance per month when/if they get a well paid job.

And no there's no expectation here, as I said I genuinely don't know what to expect so was just asking what a reasonable expectation would be.

[HighlandPete]

Originally Posted by teaston

My question is, should my wife and I (and my sister & brother in law) be glad if we receive any of it, or disappointed if my Dad doesn’t split it three ways between us? I genuinely have no idea what is the “done thing” in this situation.

Unless you have been involved along the way in financial discussions with family, I wouldn't personally expect anything.

I've been involved with family discussions around wills and who gets what long term, for both sides of our family. I'm an executor on my own side of the family. Know the 'spirit' of the wills on both sides of the family.

We are not sharing equally between the next generation. My wife doesn't inherit an equal share of the estate with her siblings, when her mother dies. Neither do I on my side of the family. We both have a sibling who has lived at the family homes all their lives, so we've secured their home as best we can, by talking it through with the parents. Open discussions have made it fair, for each of the 'children', those of us with more personal wealth have insisted there is a better way than an equal split, when and if we inherit.

Nothing worse than wills that leave bad feelings between families.