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No chance of me ever inheriting a dime. My parents had no money. DH's used their money well in retirement, and what little was left was for final expenses, etc. Everyone else has kids of their own to leave it too, so no $ for us. Didn't ever expect any.
I think if someone left it to you, it's a gift and can be used as you see fit. If you are feeling pretty flush, go ahead and donate to charities or people of your choice. I personally give my money and time to several local charities so that I know exactly where my money is going, and it's not to high salaries of anyone affiliated.
It brings up the question of who will inherit our dough when we go. No kids and few deserving relatives, so I need to do a will soon and come up with some plans for just in case I should be the last one standing.
Yeah, I was left money by several millionaires and gave it all to charity.
J/K. We were left my mother's house. It got split eight ways after the cost of fixing it enough to put it on the market and putting into escrow the $22K in taxes that started accumulating the day after her death until the town figured out she had died and the property was now taxable (my parents did not pay property tax because he was 100% DAV, and our state waives taxes for them and their widows).
None of us got rich, but we all ended up with something, which was nice. We always assumed her house would pay for care in a facility after she could no longer manage being home and was beyond our ability to care for her, but she died in her house.
Lesson learned. Relative left bulk of her estate to a person she met at a garage sale, along with family heirlooms. Money she earned, she could leave it to whoever. Came to this realization after feeling hurt. My brother and I were her only kin.
For myself, when I heard people celebrating their 50th anniversary by taking the entire family on a cruise, that has inspired me to make memories with my friends, family, while still living . Especially making sure I'm a person to whom they want to be with !
Shall we plan to have a gathering of City-Data Posters; would so enjoy meeting each of you !
Time, place ? !
I do donate to people that need help here and there. Not a lot. And if a local group needs donations - I will drop stuff off. Right now they need Easter stuff for the upcoming city Easter egg hunt.
When my mother died in 2014, she left a sizable sum, divided by 4. She was very thrifty and also inherited from her mother. She also left 2 properties. We denoted all the proceeds from an estate sale to her favorite animal rescue, which was quite a lot.
The rest of the money was in 401ks and IRA's etc. Way too much and too complicated to donate. We didn't need the money, but my brothers did. But they will likely not spend it all, nor will my husband and I, and my daughter is the only relative. She is listed on their insurance policies as well as their trusts. She stands to inherit millions, which I doubt she will donate! But our trusts are pretty restrictive based on the advice of lawyer and financial managers. My mom's goal was to create generational wealth, not trust fund babies.
When my mother died in 2014, she left a sizable sum, divided by 4. She was very thrifty and also inherited from her mother. She also left 2 properties. We denoted all the proceeds from an estate sale to her favorite animal rescue, which was quite a lot.
The rest of the money was in 401ks and IRA's etc. Way too much and too complicated to donate. We didn't need the money, but my brothers did. But they will likely not spend it all, nor will my husband and I, and my daughter is the only relative. She is listed on their insurance policies as well as their trusts. She stands to inherit millions, which I doubt she will donate! But our trusts are pretty restrictive based on the advice of lawyer and financial managers. My mom's goal was to create generational wealth, not trust fund babies.
My nephew and 3 nieces each stand to inherit millions from family members, even though they all have brilliant careers. Consequently, I am leaving each of them just $10,000 with "instructions" to have a nice vacation on me.
One Hanai nephew will receive my oceanfront condo in Maui, while my vehicle and remaining money will go to my Hanai grandkids here in Hawaii. They actually need the money and will receive it if I don't spend it all on them first.
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