Younger people expect inheritance that won't exist

[Balog]

As for myself, my folks have no money or possessions I would want; given that I've completely severed all ties with my family since my daughter was born I'm not entirely sure I'll even know when my folks die let alone get anything from them.

[RevDisk]

Who here is laughing at young people? 

Besides, what is the point of a study that says teenagers know nothing about retirement planning? Should they?

I really wish schools taught living skills. Basic financial, retirement, legal, etc. Home Ec was kinda a joke when I went.

[Perd Hapley]

I think that some level of basic financial planning should be high on the list of knowledge imparted in the schooling process, yeah.

Sure. But I don't expect most teenagers, in any time period, to pay attention to something that seems so remote and so, well, so boring.

[Tallpine]

Sure. But I don't expect most teenagers, in any time period, to pay attention to something that seems so remote and so, well, so boring.

Some might dig it 

[Balog]

Sure. But I don't expect most teenagers, in any time period, to pay attention to something that seems so remote and so, well, so boring.

Low expectations for teens is a recent phenomena. Like all people, teens tend to perform to the level that's expected of them. Tell them "Oh of course teens are lazy and irresponsible" and like magic they tend to be! Amazing how that works out.

[RevDisk]

Low expectations for teens is a recent phenomena. Like all people, teens tend to perform to the level that's expected of them. Tell them "Oh of course teens are lazy and irresponsible" and like magic they tend to be! Amazing how that works out.

I've trained plenty of kids, age range 7-16, on how to shoot long distance, pick locks, build circuits, tech stuff, etc. All of them performed better than any random adult I've taught the same subjects to. Teach interesting things in interesting ways, and kids will listen. Every time. Worst case scenario: fire, CS or explosions get their attention.

"This bag is rapidly filling with hydrogen and Tabasco sauce. You screw up the circuit, it shorts, and the bag detonates. Don't screw up. Oh, if the bag touches the burning candle, same thing."

Depends on the kid. Some low expectations are justified. Most... Yea, they tend to react to their expectations. That's sometimes good, sometimes bad.

[grislyatoms]

My step-Grandad left me some money. I haven't touched it. I probably never will. That's the legacy he left amongst other things, and somehow in my mind if I use it then it will cheapen his memory somehow.
I can't do that.

My great aunt had a cash-value life insurance policy on me that was pretty substantial. I signed it back over to her 4-5 years ago because she needed it.

I don't expect anything. I don't want anything.  

[SADShooter]

My step-Grandad left me some money. I haven't touched it. I probably never will. That's the legacy he left amongst other things, and somehow in my mind if I use it then it will cheapen his memory somehow.
I can't do that.

My great aunt had a cash-value life insurance policy on me that was pretty substantial. I signed it back over to her 4-5 years ago because she needed it.

I don't expect anything. I don't want anything.  

May I suggest investing or donating your grandad's legacy in a way that honors his memory? Foundation/scholarship/charity/etc. that will carry his name? Both honors him and demonstrates your love & respect for him. Just an idea.

[Perd Hapley]

Low expectations for teens is a recent phenomena. Like all people, teens tend to perform to the level that's expected of them. Tell them "Oh of course teens are lazy and irresponsible" and like magic they tend to be! Amazing how that works out.

I didn't say they were lazy or irresponsible. They just (usually) have the priorities and outlook that are typical of people in their stage of life. Just like you and I have different priorities and a different outlook than very elderly people, or toddlers do.

If I have low expectations of any group, it's the whole race of human critters.

[slingshot]

Oh goodness... one of my favorite topics to rant about!

I never expected to inherit anything from my folks, and didn't care if I did. I figured that whatever they had socked away would be used up if either or both went into a nursing home.

They both lived to 92, and fortunately were "out of it" for just a few months each before they passed. They left each of the sons a pretty good chunk of money, but I'd rather have them alive and spending it.

At least you got a chunk of money.  I never expected anything nor did my brothers or sisters.  I got exactly what I expected as did my 6 other brothers and sisters.  I believe in being fair and honest.  What happened was neither fair nor honest (but it was legal) and it was not the wishes of my either mother and father.  

I will tell you my story.....  parents had 7 children.  Mom never worked and Dad worked in a factory.  Never made more than probably 30K/year (probably more like 25K) his entire life.  Mom died.  Dad was very unhappy and remarried in his late 60's.  I never cared for the woman.  Dad liked her.  It was his life.  10 years go by and Dad dies.  He ws married to my mother for nearly 50 years.  Being the frugal person he was and always trying to take tax considerations into his investment planning... everything was in both their names.  To make a long story short.  My step mother got everything and 7 kids got essentially zip.  I was shocked but he had a million dollars in the freakin bank and I had no idea.  Step Mother is spending spending spending.....  screw her.  Dad had a hand written will.  Because all the accounts were in both names, the will did not apply.  It all went to his wife of 10 years and the 7 of us who never had anything while we were growing up, hand me down clothes, rasing cattle to save a dime and each, working a i acre garden, etc, ... essentially working our asses off to save 2 cents or help Dad save 2-cents for the family...  and this is what it came down to.  Screw her!

I don't expect to pass much forward, but I would be very happy to give whatever I have left to my family EQUALLY.

Young people today must prepare for their own future.  If there is an inheritance, than they can pocket that when their parents depart.  But they must prepare because there may not be a golden goose to save them if they are reckless in their spending choices. 

My sister says that she can't see how young people today who make normal wages can ever save a dime considering they want the latest video games, latest smart phone, latest tablet computer, and so forth.  They want it now and see no problem spending $500 to have the next greatest phone.  The Iphone 5 is going to be released this coming week I believe.  All the kids will be lining up to get one regardless of the cost.

[RoadKingLarry]

I wonder if your WSM* is related to my WSM?



*wicked step mother.

[slingshot]

I added a few things via editing to make the story more complete.  But Dad trusted her implicitly.  She repaid him for his trust.  He wanted to give her half and divide the other half with his 7 children because he wanted to care for her.  You have to remember that he scrimped and saved his entire life.  He would NEVER give the children money even if we were in a bind.  Anyway, I would have done something similar.  Wicked step mom is an understatement.  I was all grown up by the time Mom died and the WSM arrived late in the picture.  She was technically my SM, but she had no idea what it is like to be a parent or have children.  Spend Spend Spend...

[RoadKingLarry]

Is she from Iowa?  Cause, damn, it sounds like the same woman

[slingshot]

For fear of discovery, I will simply say that she does not nor has ever lived in Iowa.. where dreams come true.  Is this heaven?

[Northwoods]

Even if I do get an inheritance, it likely won't be until I'm in my 60's or 70's.  Mom might have been 31 before I was born, but the women on her side of the family average 90+.  My grandmother is 95, and she had I think 2 sisters that made to 100+.  Even some of her brothers made it to 90+, and they lived in deplorable conditions. 

So basically by the time I might get something of an inheritance I'll already be retired and won't need it.  I hope anyway.

Hard to say how much there would be to split between my sister and me if it were to come to that sooner than later.  But I'd guess there's probably a couple/three million if you include what their house would probably sell for.  Dad made great money and was diligent about saving and savvy about investing.  Who knows, there could be a lot more (or a lot less).

But as has been said before, I'd rather they enjoyed the fruits of their labors and maintained independance up to the end and thereby leave my sister and me with squat for a monetary inheritance.  Leave enough to pay for the burial/cremation and memorial service and it'll be plenty.

[Lee]

I have mixed feelings about this.  I'm in my 50's and my mother is in her 80's.  I really don't expect to get much when she passes, and thankfully I don't need anything.  Technically, it's her money.  On the other hand - she inherited nearly everything that both sets of my very hard working and frugal grandparents (and my father) left behind.  I'm guessing they intended that money to be of benefit to their grandchildren, and great grandchildren as well - to be used wisely for key events and emergencies.  That's the only expectation I have for her, and for myself. 

[MrsSmith]

Having no family to speak of, an inheritance is not something I've ever even considered. I believe that if I did have parents alive with whom I had a relationship, I'd rather have them than any funds. Though I do wish there were some family heirlooms, family traditions, stories and such to hand down. That's really the loss in the mess that was my family.

Slingshot, your situation sounds like my former MIL. She was married to a man who had four kids from a previous marriage. He was a really good man, WWII vet, business owner, and just an all-around decent human being, the kind you took pleasure in knowing. He and I used to have lunch together every couple months and lament the fact that we both married into the nuthouse that was that family. Our final lunch was three weeks before the car accident that killed him, and we spent about four hours that day talking about his four kids. He'd been estranged from them for a few years (few being 4-6), largely due to the fact that she was such a bitch to them. He planned to mend the gap, revise his will, and put his family back in order, come hell or high water. He never got the chance. The car accident (he was driving) killed him instantly, put MIL in the hospital for a month. I contacted his kids and told them what happened, arranged his cremation and memorial service, and picked up a bottle of Johnny Walker Black on the way to his oldest son's house after the service. We put the bottle in the middle of the table and drank it in Clay's honor while I told the four of them, their spouses, and a few nearly adult grandkids about the conversation I'd had with him three weeks earlier. It was the only inheritance they had because the bitch kept everything. And everything amounted to several million. Her son, who I was divorcing in the middle of all this, said, "I don't know why you're so upset about this. If you stay with me, some of those millions will be yours one day." She didn't give one slim dime to his kids or grandkids. I wonder sometimes if alienating his kids wasn't her grand plan all along. Just disgusting.

[BlueStarLizzard]

My Dad also had a WSM and, some WSS (step siblings) to boot.

WSM outlived his father considerably. Their real bitch was as much that she gave their stuff to her kids/grandkids, as that she sold/gave his stuff and Dads mothers stuff away as well.
By the time she died, all they managed to salvage was family pictures and two busts of Lincoln from his fathers collection.
Dad was really steamed about the toys, though. A lot of those things would have been real collectables nowadays and he was always pissed that he didn't get to give them to me. I have some of my mothers stuffed animals, but nothing from his childhood other then stories.