Gimme that inheritance: Making sure the money you leave is in safe hands 41



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Your children and grandchildren are everything to you. You leave them a nice sum of money in your will and expect that will be the end of it.

Unfortunately for some, it won’t be. A lot of family arguments centre around how much so-and-so deserves and how much they’re being given. What you write in your will can have consequences far greater than you’d ever expect, even if you were very fair.

You’ve seen the movies where aunts and uncles and distant relatives fight over estates but now it seems like more and more, younger people are trying to get their cut too. Inheriting money can be a chance to turn your life around especially in your 40s and 50s, which is why some people get upset when they don’t get their expected cut. But isn’t that just terrible to expect money from someone’s death? We’d all like to think so.

According to the Williams Group wealth consultancy, 70 per cent of wealthy families lose their wealth by the second generation.

It feels as if the next generation is not financially educated enough on how to handle large sums of money. How many people do you know who’ve received hundreds of thousands of dollars only to have blown it a year later?

Our generation were taught not to talk about money but now it’s as if no one can keep their mouths shut. Our children and their children are becoming more and more entitled.

One of the best ways to make sure your money is going to the right place is to talk about it openly with your children and give them specific instructions on how to use it should the unthinkable happen. And instill smart money lessons in your grandchildren so they won’t be knocked off their feet by some extra dollars in their account.

But sadly, most parents and grandparents prefer not to start arguments and conflict by discussing such grim subjects. Money can be a taboo to some but if you want to ensure the family does what is right with the money you’ve worked hard for, it’s in your best interest.

There is usually one person in a family who has special circumstances and they can either feel entitled to more, or can be given more because of their hardship. This can produce guilt and jealousy, so it is best to clearly outline your wishes.

And don’t forget to talk about your personal property. It can be advised to hand out your sentimental items you no longer use or wear before you pass, to ensure there is no confusion on who gets what. Otherwise, sit down with all your children and/or grandchildren and discuss what they’d like to have and all come to an agreement.

In the end, you should feel comfortable that your estate will be in good hands.


Tell us, have you ever experienced issues with wills before? What did you do to remedy the situation?

Starts at 60 Writers

The Starts at 60 writers team seek out interesting topics and write them especially for you.

  1. Spend it and injoy before u go what did u get left so injoy even if it is spending on the family to c there joy much better way

  2. Is it difficult…. divide it equally between them, how they spend it is up to them…that’s if there is any!!

  3. The sad thing about all of this…money and material possessions will never replace the person gone. “Inheritance” is an awful word!

  4. you worked hard for it, spend it and enjoy, its not for the kids to inherit.

    2 REPLY
    • Yes Stephen agree with you, I lost my Husband within a fortnight big shock it was but I am enjoying life and going on my Holidays all the time I have my health and the money I am going to enjoy it, you can’t take it with you and also my two boys and there families are far better off at there age compared to what we had at that age, they don’t bat an eye lid in spending money if they want it they go and get it that seems to be the trend with a lot of the young ones these days.

  5. I would rather my parents had spent their money & that is what I am doing. There is no entitlement. You want something then earn it. However, if I want to give while alive then that is MY choice.

  6. A. Spend it and enjoy it worked hard …so can the relatives. some live on welfare so family can inherit savings.use them yourself.

  7. My mother passed away last year my brother and I had no arguments about anything. Too upset to quarrel over material things

    1 REPLY
    • My brother and I have discussed our mother as she is suffering from Alzheimers now and descending into it rapidly. She doesn;t have much left but there is no point in fighting over it. I am holding her beautiful sculptures and artwork and he knows he can have whatever he wants and if there was something i would love we would talk about it. As long as they stay somewhere in the family.
      On someone’s death it really brings out the worst in some people. We shoudl not EXPECT to get anything, if you do be thankful for what you get.
      As for young people getting money when young, I think it should be tied up until they are at least 25.
      My ex sister-in-law children’s father died and they inherited about $100k each at 18yrs old and both just wasted it, on rubbish, bikes, cars which were smashed, clothes, shoes etc. then once they grew up & settled down when they could have used the money when they had kids with health issues, but the money had all gone long ago.

  8. It’s a shame that families put their energy into the “inheritance” instead of seeing the real picture….loving someone for who they are is far more important than loving them for what they are worth. All the money in the world is not worth the agony of loss of a loved one!

  9. Anything you have is because of your own hard work, so why not spend it once you retire? Once you are an adult then you provide for yourselves. If you do have something left over,, make your will and put it into the hands of the Public trustee so the recipients cannot fight over it.
    To me I would be putting in a clause that if there is fighting then they get nothing & it ALL goes to charity of your choice.

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