Hey, Where’s My Inheritance!?
When I was 27 years old, my mother died (my father had already died) and I received something very unexpected: an inheritance.
It had never crossed my mind that a windfall like that could occur. It was somewhere in the high five figures. I started an IRA, put some money aside for a down payment on a house, but other than that, I pretty much blew the money.
Had my mother died when I was more mature, I’m sure I would have used the money differently. So this brings me to a question:
Are your kids counting on an inheritance from you?
Are you counting on an inheritance from your parents?
Well, cool your jets and read this:
The median inheritance was $37,700. About 1% of those surveyed received an inheritance greater than $1 million, and 5% inherited between $250,000 and $1 million.
Read the full MSN Money story at Free Money Finance.
June 7th, 2007 at 11:00 am
While I know there’s something coming from my parents, I’m not counting on it and I would rather they spend it all on themselves now to enjoy themselves.
I have told my daughter I am spending her inheritance right now.
June 7th, 2007 at 11:43 am
I just read the reviews your site got. Wow! Great praise. Congrats.
June 7th, 2007 at 11:53 am
I never expected a thing from my parents and it is a good thing. Two of my lazy brothers have moved in with my mother and are busy spending what little money she had saved. I am trying to build up assets for my children but I felt it was more important to better to pass along some good money sense. I made lots of bad money decissions along the way and could have been very wealthy right now if I were given the right information. My father told me to put everything in the bank and never take chances. He passed up several profitable ventures when we were young. My boys are already managing their own money and doing quite well.
Greg
June 7th, 2007 at 12:42 pm
I’ll probably get a little something from my parents, but I’m not expecting much. They live comfortably, and niether one of them are going to go into a quiet, miserly retirement. I hope they spend it all, and enjoy all the free time they have with each other.
June 7th, 2007 at 1:45 pm
I don’t have children, but I would like to leave something for my niece-I just have the one.
My parents are living on a very small fixed income so I am not expecting anything from them.
There’s a lot more I could say on this subject-especially if you want to bring race into the mix, but I think I’ll just leave it at this.
As always interesting post.
L.
June 7th, 2007 at 2:41 pm
I would like that my family’s home stay somehow in the family once my parents pass away. Our family has lived in the home in some form or another since the 1940’s and I love it.
I’m not expecting anything money wise, why should my parents save for me? I’m an adult. I do know my dad is giving me his record albums and that is more than any money would ever be. There are over 600 of them and each and every one has been listened to with love (and mostly together!) since I was a very little girl. I have a great love of music thanks to my father and I would treasure the records.
Luckily my parents are young and healthy, so I don’t forsee anything happening for a long time (knock on wood!).
I am in my 40’s and while I am saving for my future, I don’t have any idea of what’s going on for my kids. They are little guys and while my husband and I have completely provided and planned for their immediate future if something happens to us, we aren’t actively saving money for their future right now.
June 7th, 2007 at 4:30 pm
I got a tool box full of tools stolen from TVA when dad died…still have most of them too.
I’ll probably get about the average when mom passes, but I have split it with my brother.
Me, will my 401K was rolled into mutal funds and is doing well. Although we don’t plan to leave much, I’m certain there will be more than the average left for them to squabble over.
June 7th, 2007 at 6:02 pm
Our kids know that we plan on living our lives so that the last check that is written is to the undertaker….and hopefully, IT BOUNCES!
We have a few antiques and family heirlooms, plus the family pictures to leave to our kids. That’s more important than money.
June 7th, 2007 at 10:31 pm
When my mother died, my sister and I split her estate. The sale of her house allowed us to pay off our mortgages and put something away, too.
My mother in law’s estate is melting away, because she is very slowly going downhill and needs a lot of nursing care. We thank her every day for her foresight in handling her money wisely so that we can do right by her without endangering our financial health.
We put money aside because we do not want to force our children to support us if we should have big medical expenses, lingering illnesses, etc.
I don’t think leaving my kids an inheritance is important, but I sure don’t ever want to force them to support me financially.
June 7th, 2007 at 11:02 pm
My father passed away four years ago and left my mother relatively well-off as she still gets his retirement along with a nice stipend from the government every month for his exposure to Agent Orange. Plus she has social security, too. That said – I am not expecting any sort of inheritance and don’t want one either. I want her to spend the money on herself and enjoy the rest of her life. She owes me nothing while I, on the other hand, owe her immeasurably.
June 8th, 2007 at 9:55 am
Hey, I think having the foresight to open an IRA and set money aside for a down payment is pretty good for someone that age. Nothing to be ashamed of. I inherited $60,000 when I was 30 and my wife and I used it mostly for a down payment and refurbish an old house, and to get our IRAs going. Alas, we overimproved the house, and didn’t set aside money for the (not-yet-existent) kids’ college education. Small regrets.
Gee, I guess I’m telling you what you did was fine, basically because I did the same thing.
Money can never make you happy. I can remove some daily anxieties. You seem to be doing quite well, all that squandered money notwithstanding. That’s the important thing.
June 8th, 2007 at 10:02 am
We’ve told the kids that when we go they can sell the house and everything else we own and split it. In the meantime we’re spending any money we have on having a good time. I think we will inherit something from my father and MWM’s parents but we’re not counting on it, so if we get anything it will be a bonus.
June 8th, 2007 at 10:13 am
Craig: Thanks for your perspective. Maybe I am not that much of a dunce after all!
June 8th, 2007 at 3:43 pm
My wife and I received a sizable inheritance from her mother, plopped the entire thing into a trust, and are desperately trying to forget it exists until retirement. Her mom also left our only son (an adult) more money than she should’ve… showing us that he’s as irresponsible as we thought. He’ll be an old man before he gets our money.
June 10th, 2007 at 11:51 am
I naively assumed that most people get an inheritence from their parents. Some of my friends have parents who still rent, live from paycheck to paycheck, and have nothing set aside. My parents worked very hard to own their own home and build up some savings for the future. I now recognize how lucky I am in that I stand to inherit about half a million. FWIW, I’ve never counted on that money for anything, don’t think about it much, and would rather trade it for a lifetime more of having my parents in our lives (and our children’s lives).
And yes, I expect to leave my kids something as well. Our generation is having kids later than previous ones, so they will be a bit younger when we go. And, as your article suggests, should they be young the money will be administered in dribs and drabs…I, too, know a couple of folks who inherited in their twenties and blew the money all too quickly.
June 12th, 2007 at 1:10 pm
I won’t inherit anything probably. I have no retirement — I was a stay at home mom most of my life so my Social Security is gonna be low. I’ll manage somehow.