Additional Coverage:
- My kids think I’m leaving them a big inheritance. How do I tell them I’m planning on spending my money? (newsbreak.com)
Question from a Reader:
A couple in their 60s has two grown children who mistakenly believe they will inherit a large sum. The parents are worried about how to tell them that they don’t plan to leave an inheritance.
Advice from the Columnist:
- In most middle-class families, inheritance is not a significant expectation.
- Estate planning should be a family affair, involving children in discussions about end-of-life wishes and asset distribution.
- The parents’ legacy extends beyond material possessions to the memories and values they have passed on to their children.
- While investing a small amount for their children can be considered, they should not expect a large inheritance.
- Distributing prized possessions and sentimental items in a will can be a meaningful inheritance that children will appreciate.
- The couple’s greatest legacy is the love and laughter they have fostered within their family.