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Inheritance Attitude
Inheritance in a family invokes varying feelings, opinions, and decisions.
Respondents with Estates of $500,000 of Less
Respondents with Estates Over $500,000
Regarding family...
I should focus more attention to planning what happens to my money after my death.
If I have taken care of my family during my lifetime, my family has no further obligation to me in their wills.
Leaving money after my death is not that important. I would rather build assets for my retirement than leave an estate to my heirs.
Money should be given to members of immediate families before non-relatives.
78&
Unless a minor, there should be no stipulation or conditions attached to inheritance that someone leaves behind.
Inheritance tends to cause conflict in the family.
Regarding spouse...
Husbands and wives should leave everything to one another. Then the survivor will make final provisions for what happens to assets upon their death.
An estate left to a spouse should be in a trust to protect it if a spouse remarries.
Regarding children...
Money left by parents for children should be left in trusts. This way, children can use the income but the principal will stay intact.
Children understand when a parent leaves a large about of money to charity, causing the inheritance to be not as much.
Children who inherit money before they are out on their own (after education) are deprived of knowing how it is to be on their own.
Leaving behind inheritance for my loved ones is more important than my own comfort during my retirement.
Parents should split inheritance equally among children regardless of children's financial circumstances.
The daughter should receive more inheritance than a son, because the daughter will mostly likely earn less in her lifetime.
Regarding Grandchildren...
Grandchildren should be provided for separately in the will.
If a divorced or widowed son-in-law or daughter-in-law remarries, the obligation to provide for natural grandchildren is no longer the same.
