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Advocating For Your Interests. Preserving Your Legacy.

Is inheritance a guarantee? Not all the time.

Many young adults under the age of 35 expect to receive an inheritance. They also stated that they want to retire at the age of 59, which is six years earlier than the standard age of baby boomer’s retirement, according to the report. The earlier retirement and assumption that they will receive an inheritance may result in a big surprise for many millennials down the road.

Another issue noted in the study is that 44 percent of baby boomers do not have a will, and 57 percent do not think they will have money to leave as inheritance to their children. In some cases, roughly 35 percent, baby boomers said they plan to spend whatever money they have left over on themselves instead of giving it to their children.

Parents and adult children need to discuss inheritance

The different views of inheritance are something that needs to be addressed in each family before it’s too late. Every adult should have a will, especially if you have children or have assets and property that will need to be distributed once you pass away.

Having a will should help you start the discussion with your children or your parents about the family’s estate and what parents and adult children can expect in the future. It may not be an easy conversation to have, but it is an important one. Having everyone on the same page about your estate, inheritance and your legacy will help your family understand their role and what steps they need to take to plan for the future.

An attorney can help families understand the different ways an estate plan can protect their loved ones and their assets. Consider working with an attorney to create or review your estate plan before it’s too late.

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