Grandma’s wishes
Delony and Kamel both seem to agree that the caller probably shouldn’t give the parents a piece of the inheritance.
“There may be a reason why grandma was like, ‘I'm not leaving them any money, I'm going to leave it to the next generation,’” Delony said.
“They can feel all the weird vibes they want and be as mad as they want but this was not your decision and I would not give them a penny of this money,” Kamel added. “You don't have to gloat and hold it over them, but it's really not your money to give — grandma gave it to you.”
Family drama like this is common when a relatively large inheritance is left behind with surprising instructions. But it’s better to have an estate plan that may shock a few people than to not have one at all.
In fact, only 32% of Americans have a will, according to a 2024 Wills and Estate Planning Study from assisted living facilitator Caring.com. Of those who don’t have a will, 40% said it’s because they don’t have enough assets to justify it.
But Patrick Hicks, general counsel of digital estate planning company Trust & Will told Caring.com why this can be a flawed way of thinking.
“Wills and estate planning are essential for everyone, not just the wealthy. Every person over the age of 18 should have an estate plan, no matter their financial situation,” he told Caring.com. “Wills do more than handle financial assets – they allow you to control important healthcare decisions, designate what happens with your digital and social media assets and provide specific guidance on how and by whom minor children should be looked after in the event of an emergency.”
Even if a thorough will is documented, individuals can further relieve their beneficiaries by taking the time to talk to them about their intentions before they pass.
Discover how a simple decision today could lead to an extra $1.3 million in retirement
Learn how you can set yourself up for a more prosperous future by exploring why so many people who work with financial advisors retire with more wealth.
Discover the full story and see how you could be on the path to an extra $1.3 million in retirement.
Read MoreCommunication is key
Communication is essential. Being reluctant to talk about money or mortality leaves many families guessing what their parents or grandparents intended when they decided how to split their wealth.
Consequently, 37% of adult children who know their parents have a will don’t know where it is, according to a 2023 LegalShield survey.
To avoid stirring up family feuds when you pass away, take the time to have an open and honest conversation with your family about your estate plan. Ensure that your will or trust is frequently updated to reflect changes in your family dynamics or your personal wishes.
You can decide whether you think it’s worth speaking to those you’ve left out to explain why and leave clear, perhaps written instructions for those who receive the wealth so they can put the money to use the way you intend.
A few awkward conversations could be the key to preserving family ties and cementing your legacy.
This 2 minute move could knock $500/year off your car insurance in 2024
OfficialCarInsurance.com lets you compare quotes from trusted brands, such as Progressive, Allstate and GEICO to make sure you're getting the best deal.
You can switch to a more affordable auto insurance option in 2 minutes by providing some information about yourself and your vehicle and choosing from their tailor-made results. Find offers as low as $29 a month.
