Comments on: How Will You Spend the Money From Your Parents’ Estates When They’re Gone?

By: MoneyEnergy

MoneyEnergy — Sun, 10 May 2009 05:32:40 +0000

@Wendy, sorry to hear about that. I agree with you that we need to rely on ourselves, because life is unpredictable. That said I hope that I never find myself in such a situation, where the will becomes more important than the memories of my parents. Another good reason to talk things over in advance.

@guinness416 – I wouldn’t mind being much older with an inheritance, either! I’d probably use it on a vacation at that point – that’s what my parents would tell me to do anyway:)

By: guinness416

guinness416 — Sun, 10 May 2009 03:02:58 +0000

My dad’s side of the family live a long time. I wouldn’t be surprised if I’m almost 70 by the time inheritance was a concern. So if there were anything to inherit I’d probably shore up my own retirement funds, if we were in bad shape there, or more likely give it to charity. I’ll hang on to the photos and some bits and pieces like that.

Having said that, I hope they spend it all.

By: Wendy

Wendy — Fri, 08 May 2009 20:49:05 +0000

Everyone should be aware that sometimes what the parents say is not what they do. My husband’s parents always told him he was the executor of their estate and everything would be divided equally among my husband and his sister. His mother died years ago, his father died last year. When we received a copy of the will, my husband and his issue were disinherited and everything was left to his sister. My husband did not even get a picture or coffee cup. Life goes on….Don’t ever, ever, ever, count on anything. Rely on yourself. This was a total surprise.

By: Learn Forex

Learn Forex — Wed, 06 May 2009 22:50:19 +0000

This is a good post. You are absolutely right!
Many people never think about it.
Thanks for sharing the information :)
It is very useful!

By: MoneyEnergy

MoneyEnergy — Wed, 06 May 2009 15:35:52 +0000

@tom, doughroller – good point; not all estates will involve monetary inheritance.

@Andy – thanks for confirming this point. I will keep the one-year CD idea in mind for sure.

By: Andy

Andy — Wed, 06 May 2009 10:16:37 +0000

I’d like to throw a little experience into the mix. I think you were really accurate by saying that you need to take some time to grieve. I can’t explain how screwed up your head is after losing a parent. There is no shortcut and there is no timetable to get through it, but a good starting point would be to put the inheritance in a one year CD to let your head clear. I think you would end up making much better decisions.
I chose to put the money in some really long term investments which should make a significant difference in my retirement years.
This is a great topic, heavy, but well worth talking about. Thanks.

By: Dough Roller

Dough Roller — Wed, 06 May 2009 10:09:33 +0000

This is an easy one for me. My parents and my in-laws won’t have much to leave us, so we won’t have to worry about what to do with it!!!

By: tom

tom — Wed, 06 May 2009 03:38:09 +0000

Well lets first consider if there will be anything in the estate, besides a bunch of debt and mortgage to pay off.

And really, its not like i am counting on getting anything because the worse i can do is depend on that to get me by.

By: MoneyEnergy

MoneyEnergy — Wed, 06 May 2009 01:06:58 +0000

@Manshu – yes, especially if your parents mentioned giving it to charity – I know you mentioned this on your own blog.

@MLR – I agree, that’s exactly how I was feeling – how would my parents see fit to use it, and I should honor that. Makes good point for maybe talking about it while they’re around. Real estate is also always a solid deal, since it’s a real asset (if you can own it outright).

By: MLR

MLR — Tue, 05 May 2009 23:40:02 +0000

I think I would use it in a way my parents would see fit.

That would probably mean college education for grandchildren, real estate, and a vacation to take my mind off of my loss.

MLR