Who's Not In Line To Inherit A Property?

[phead]

Personally I am expecting the exorbitant costs of nursing home care to whittle down any inheritance to a much smaller level.

Very true, I've seen many people have to sell their parents house to pay the care home, and often have to pay extra in themselves. People expecting to inherit are kidding themselves.

[dipstick]

Unless you are a very desperate to get your hands on a house, you will probably wish your parents a long and happy life. If we look at 80ish as being a typical time for a woman to die, you are unlikely to get your hands on a property much before you are 50 anyway, the sort of age when your own children might be knocking on the door of the bank of mum and dad.

Anyway, the thought that I will probably inherit when I am 50-odd, does not sort out this current mess.

But going on what you say, Ah So, some people at 50 now are receiving inheritances and thus will be bailing out their thirtysomethings???

So even though you personally aren't benefitting somebody will be.

Again, how much is it skewing the economics?

And, of course we always have the possiblity that house prices are going to fall through the floor. If that does happen how much will it effect the social/economic status of the citizens.

[deadman]

I'm not allowed to reply to this thread.

[munro]

But at what age?

E.g. a friend of mine lost his mother about 18 months ago (his father passed away 2 years before that). He's 56 years old.

Another example. A friend of mine is 37. Here parents are in their 50s. When they die, she should share their estate with her sister (including a house).

But her parents could easily live another 20, 25 or 30 years.

In 30 years time my friend will be 67 and her daughter 46.

Maybe her as-yet-unborn grandchildren might be able to use the money to get on the housing ladder, everyone else will have already done so.

This is the elephant in the room that so many people seem to miss. On paper I stand to inherit maybe £2-£300k. But - I'm likely to be in my 60s if not 70s before I get it. And that's assuming it doesn't evaporate in nursing fees etc etc. I earn much the same as a university lecturer. My father was a lecturer in the 1960s; on one wage he bought a three-bed terrace in a nice area of the SE (now one of the most expensive areas in the UK), had a non-working wife and brought up three kids. With the equivalent salary now you can buy a two-bed flat - with a five times income mortgage. Except of course someone in his situation would have spent an extra year in university (compulsory masters) and would have had two sets of student loans to pay off (both parents went to uni).

I'd be very happy to kiss goodbye to my inheritance, if house prices halved. Then I could buy one out of my own earnings and savings. As far as I'm concerned yo ucan take this inheritance argument and stuff it. I hate this whole idea of having to be nice to the wrinklies so they won't leave it to some animal charity. I've had the "but one day you will inherit" line since I was 16 - I kid you not. My mother is obsessed with the idea. I complain about being priced out, I get this wide-eyed "but one day you will inherit"; when exactly will that be? By 2030, perhaps? Phuqing great. All I see in the area I used to live in is good-sized family houses lived in by one or two pensioned superannuated boomers who have no intention of moving until they get taken out in a box. After they've taken advantage of every publicly-funded service going while moaning endlessly about govts threatening to make them sell their homes to pay for their care.

And then people come along and say "but it's great for you because one day you will inherit..." Meanwhile I'm priced out of anything except a poky one-bed flat and paying someone else's mortgage. Of course you're thinking "why not borrow against aged parent's house?" Dream on - she didn't get where she is today by giving away anything worth having, let alone money. After all she has an expensive house to maintain.

[JimDiGritz]

Absolutely sweet FA, split 2 ways.

I know lots of people who are living their life without prudence, in anticipation of a lump sum inheritance (house) when they reach their 40s or 50s.

[dipstick]

Munro,

You don't have to be nice to the wrinklies - just tell them to stuff it.

Have some dignitiy for heaven's sake.

[dipstick]

... and for those worrying about care home fees, you always have the option of looking after parents at home. My neighbour does that.

I don't know about this care home thing - most of mine died in a very short space of time - in fact all of them did, no care homes involved.

[ken_ichikawa]

Simple.

Do a search for an IHT thread, then count the number of posters who give you every reason in the world why it's right and fair for the govt to steal everything that your parents worked for.

IHT is one of those areas which highlights the attitude in the UK (and one which I detest). The same attitude that causes people to vote for New Labour. "If someone has something that I don't, punish them!" The fact that my mother and father half killed themselves to get a nice home and that perhaps their mothers and fathers spent every night drinking, smoking and playing bingo, seems to completely surpass them. I would imagine most people are in for some kind of inheritance - it's always been easier to buy a house than it is right now.

Like another poster said, inheritance is the ONLY way some people will get their own place.

Agreed, I am constantly called Lucky or was for my previous position what they forgot to look at was I spent 6 years getting to this position vai study. Exams and working for a pittance as well as living off the bike for nearly a year with extremely long commutes.

[munro]

Munro,

You don't have to be nice to the wrinklies - just tell them to stuff it.

Have some dignitiy for heaven's sake.

Let's put it this way. Think of the kids in your class at school. Some were absolute sh!ts. They grow up and become parents, but it doesn't change their behaviour patterns. If I'd had the choice I'd have traded one of them in for a decent human being. This is what people overlook when they think of inheritance purely from a financial point of view - it is all wrapped up in emotional power games and blackmail. Whether your parents are poor or rich, if they are decent human beings you have reason to be grateful.

Being nice to her - well, try living with the emotional disconnect of having a greedy b*st*rd manipulative psycho as a parent.

[dipstick]

Let's put it this way. Think of the kids in your class at school. Some were absolute sh!ts. They grow up and become parents, but it doesn't change their behaviour patterns. If I'd had the choice I'd have traded one of them in for a decent human being. This is what people overlook when they think of inheritance purely from a financial point of view - it is all wrapped up in emotional power games and blackmail. Whether your parents are poor or rich, if they are decent human beings you have reason to be grateful.

Being nice to her - well, try living with the emotional disconnect of having a greedy b*st*rd manipulative psycho as a parent.

Doesn't stop you telling her to stuff it.

And, to be honest, I'd rather have a rich barsteward for a mother than a poor barsteward one. At least there may be a long term benefit!

Thing is, if your dad was a lecturer in the 60's (let's say '65) that means he must have been born at the latest 1940. If your mum is of similar age now it means she's 70. So within the next 10 years or so you are likely to inherit - yes?

Edited to say: Sorry, didn't mean to minimise your barsteward mother problems - but believe you me, you don't stand alone.

Edited May 16, 2010 by dipstick

[ken_ichikawa]

"but one day you will inherit" line since I was 16 - I kid you not. My mother is obsessed with the idea. I complain about being priced out, I get this wide-eyed "but one day you will inherit"; when exactly will that be? By 2030, perhaps? Phuqing great. All I see in the area I used to live in is good-sized family houses lived in by one or two pensioned superannuated boomers who have no intention of moving until they get taken out in a box. After they've taken advantage of every publicly-funded service going while moaning endlessly about govts threatening to make them sell their homes to pay for their care.

And then people come along and say "but it's great for you because one day you will inherit..." Meanwhile I'm priced out of anything except a poky one-bed flat and paying someone else's mortgage. Of course you're thinking "why not borrow against aged parent's house?" Dream on - she didn't get where she is today by giving away anything worth having, let alone money. After all she has an expensive house to maintain.

Oh and it was announced on Yahoo by 2015 life extention drugs will become common place, only boomers will be able to afford them, such they will live till 2095+ at which there will be even greater technological advancement so your parents effectively become immortal by 2029. Of course you'll never be able to afford such drugs and treatments.

ANd thus you never inherit anything.

[ccc]

I can't believe that people are described as lucky due to someone close to them dying at some point in the future

I suppose you could think that this will happen anyway - so it is just a silver lining. However it is a bit strange IMO.

[ken_ichikawa]

Doesn't stop you telling her to stuff it.

And, to be honest, I'd rather have a rich barsteward for a mother than a poor barsteward one. At least there may be a long term benefit!

Thing is, if your dad was a lecturer in the 60's (let's say '65) that means he must have been born at the latest 1940. If your mum is of similar age now it means she's 70. So within the next 10 years or so you are likely to inherit - yes?

Doesn't account for long lived genes, my granny is way into her 100s now, and she shows no signs of kicking the bucket my dad is incredibly resentful to her as she spent her money like water and saved nothing so he has to support her, and my dad is retired already.

[Georgia O'Keeffe]

Oh and it was announced on Yahoo by 2015 life extention drugs will become common place, only boomers will be able to afford them, such they will live till 2095+ at which there will be even greater technological advancement so your parents effectively become immortal by 2029. Of course you'll never be able to afford such drugs and treatments.

ANd thus you never inherit anything.

i love how every thread on this site turns into a boomer bashing conspiracy, its hilarious

Edited May 16, 2010 by Tamara De Lempicka

[dipstick]

i love how every thread on this site turns into a boomer bashing conspiracy, its hilarious

... and don't forget the boomers are going to live well into their 100's ...

CCC - I once worked in a solicitors preparing the wills - if you don't think many, many, people are thinking of how much they will inherit then you need to get a job there. Just for a short time, it's an eye opener!

[aa3]

Oh and it was announced on Yahoo by 2015 life extention drugs will become common place, only boomers will be able to afford them, such they will live till 2095+ at which there will be even greater technological advancement so your parents effectively become immortal by 2029. Of course you'll never be able to afford such drugs and treatments.

ANd thus you never inherit anything.

Lol.. Good point.. those drugs and therapries look likely to come over the next few decades. Boomers will get grandfathered through with the state or corporate health plan covering them. While younger generations will die of old age(and homeless).

[dipstick]

I can't believe that people are described as lucky due to someone close to them dying at some point in the future

I suppose you could think that this will happen anyway - so it is just a silver lining. However it is a bit strange IMO.

... and it's not about the grief anyway, it's about inheritance becoming the norm and expectations.

[ken_ichikawa]

i love how every thread on this site turns into a boomer bashing conspiracy, its hilarious

Actually my thoughts were reflected in the MSM, when the BBC had all these what if scenarios,

I remember one of them was where women's rights swung too far one way alienating men and ostracising them from society, I don't remember everything about it other than the men organising a 'terrorist' group and hijacking the TV airwaves.

His former wife and children are watching TV and see him talking about it, and she realises she's gone too far.

They played another one about life extention drugs whereby the old people were sucking EVERYTHING out of the economy with life extention drugs owning nearly everything. I didn't see how this ended.

[Georgia O'Keeffe]

Actually my thoughts were reflected in the MSM, when the BBC had all these what if scenarios,

I remember one of them was where women's rights swung too far one way alienating men and ostracising them from society, I don't remember everything about it other than the men organising a 'terrorist' group and hijacking the TV airwaves.

His former wife and children are watching TV and see him talking about it, and she realises she's gone too far.

They played another one about life extention drugs whereby the old people were sucking EVERYTHING out of the economy with life extention drugs owning nearly everything. I didn't see how this ended.

was this programme called Dr Who?

Edited May 16, 2010 by Tamara De Lempicka

[debtlessmanc]

Agreed, I am constantly called Lucky or was for my previous position what they forgot to look at was I spent 6 years getting to this position vai study. Exams and working for a pittance as well as living off the bike for nearly a year with extremely long commutes.

Maybe i am in a minority of one, but i have inherited before and am likely to inherit a substantial sum in the future, but i still think the IHT is the farest tax going, After all if you are going to tax anyone then taxing the dead should be about the least painful way going. The problem as usual is the sense of entitlement people have.

my situation is perhaps one of the more bizarre, wifes family as sfa, my dad has a small house and some small investments. However a few years ago a former neighbour of our family died. They had no kids, distant relatives and two large houses. They decided (20 years ago) to write a will dividing their estate up amongste various people they cared about. Result was in 2007 I enherited a crazily large sum from family friends after the sale of these two houses at peak market values.

Of course i kept the money, but really if the govt had taxed the lot at 80% i would have said fare enough. Folk on here must not forget the reason that so much property is out of reach, even to those who have excellent jobs and contribute enormously to society, is because these properties are being passed between generations of families whose members might be complete wastes of space.

[deflation]

There were a series of sketches on the 2 Ronnies in 1980 where women ruled the country. I remember Diana Dors played the PM. An excuse for them to 'drag up' really.

I expect it was some more serious programme being referred to, wasn't it?

[ken_ichikawa]

was this programme called Dr Who?

No it wasn't, it was a series of one hour shows explaining what might happen if this or that occurs.

[Guest Steve Cook]

I've thought about this before but after reading a couple of threads where people are, yet again, spitting their dummies out about the 'greedy' boomers, wondered who out there, is not in line to inherit a property?

I'm not, incidentally.

We talk constantly about the down sides to the property boom (well deserved in most cases) but hasn't this, for many people, actually brought a benefit?

When I was a kid most people had council houses, in fact I bet I'd have trouble counting the number of people on one hand who were going to be lucky enough to 'inherit.' Yet now, when I look around I can't think of one single person who won't. Not one.

For me this has sort of become the elephant in the room. It's there, millions will benefit, yet it's never brought up.

I now know (didn't originally) that most people on this forum are well paid middle-class and so it's probably a bit skewed, but was wondering out of us lot who wasn't in line to inherit a property and get a fair old boost to their lifestyle?

What makes you think the majority on here are well paid middle class?

[dipstick]

What makes you think the majority on here are well paid middle class?

Because I've seen the surveys on here before relating to income and occupations ...

[council dweller]

Interesting thread in many ways.....

I managed to 'succeed to' this council bungalow after a year+ battle with the council. It's not as easy as many suggest as only one succession is allowed (dad to Mum before me) and only one resident 'child' can succeed. Councils will try to kick people out as a mattter of course.

The wife is likely to inherit cash from Japanese parents and her brother should get their two houses.

Anyway, don't even give it a second thought, just do the right thing and remember that it could turn out to be another ponzi. I wonder how many inherited a bag of old tulip bulbs way back?