Is Inheritance an entitlement owed or a gift bestowed?

There are stories everywhere of tales of discontent and family arguments, all centred around the delicate issue of inheritance - whether it's the squabbles over unequal distributions, bitter disputes stemming from perceived injustices, or the unexpected twists when there's simply nothing left to inherit.

'Disappointed' grandfather, 91, who was 'hurt' his grandchildren didn't visit him more often was entitled to leave them just £50 each of his £500,000 fortune, judge rules

See Daily Mail Article here

Britain is entering a golden age of inheritance, as the trillions accumulated by the postwar baby-boom generation begin trickling down to their children and grandchildren in what’s been dubbed the great wealth transfer according to this Guardian article

Celebrities even share their views such as Marie Osmond and Former James Bond Daniel Craig who are adamant they wont be leaving to their children

It can even be illegal…
In some countries, there are laws regarding inheritance that typically include provisions for children to inherit from their parents' estates. 

Whilst in the United Kingdom, there are no laws mandating that parents leave an inheritance to their children, in some civil law countries like France, there are "forced heirship" rules, which require a portion of an individual's estate to be left to certain family members, typically including children. 

Your legacy to relations and friends is not their entitlement but your choice?

Many members of Generation X in the UK are grappling with the question of whether to leave an inheritance for their relatives. For those who haven't had children themselves and have worked hard throughout their lives, the decision can be complex.

On one hand, they may have accumulated assets and savings that they are unlikely to spend entirely. However, this doesn't mean they haven't tried to enjoy their earnings; it's simply a result of their diligent saving habits and perhaps a bit of luck.

They may have cherished heirlooms, keepsakes, and sentimental items they wish to pass on to their nieces and nephews. While they understand that their younger relatives might desire more substantial assets like property, cars, or monetary wealth, they also recognize that these items will likely be taken care of by their parents.

In considering their legacy, many Gen Xers feel drawn to the idea of distributing what they have left among friends who have supported them throughout their lives. This act of "paying it forward" feels like a fitting way to leave a lasting impact, honoring those who have been there through thick and thin. It's a way to leave behind a legacy of friendship, support, and kindness rather than solely focusing on material possessions.

In essence, for many in Generation X, the decision about inheritance isn't solely about distributing wealth—it's about reflecting on their life's journey, the relationships they've built, and the values they hold dear.

For some it is practical to talk to their relatives  in advance and explain what they are doing and there are some good examples of why it can be beneficial in this.   What is kindest is to let those expecting to get, that dont get, know why.  

Messaging:

A Very Important Note is a great way to create a note to go with a legal Will and Testament where an explanation could be a kind message.

Download your legacy wishes template here

Start drafting letters here, or an outline of the Will you would like to make when the time is right.

Maybe even download cards with notes about particular items you are gifting with an explanation of why they are important or have emotional value.