My parents retired early but owned their own home and as my father worked for Qantas he had several “free” trips up his sleeve so they still had some of those benefits. I have never expected to “inherit” from my parents even as an only child.
Recently, however, I had a conversation with my Mother who is now in her mid 70’s. She mention some of the things she has that “if anything happens to me make sure you get a good price as it’s worth something”
This made me think about the legacy my parent would leave and how I would handle that, see my father retired early due to ill health back in the early 90’s. I remember he actually apologised to me because “when we go you won’t get as much money as you would have if I had worked to 65. As I said then….I didn’t care about that and I would and am happy they are living their twilight years how they wish.
This leads me to my own children. I have always told them when I go don’t expect anything in terms of money because I am “spending your inheritance” My intention when I retire is to travel more and tick off many things on my personal bucket list. I am being selfish? See, I was raised that you make your own way in life and being an only child there was never any bickering about who owned what. It was all mine 🙂 but I am also of the belief that I would rather have my Mum and Dad around than think about what I may “get” when they die. I believe as an adult I shouldn’t have to rely on my parents dying to get a lump sum. I believe the same for my children. When I go whatever I have left they are welcome to have but hopefully like me they will have already established themselves and won’t be circling me like vultures in my old age.
So, sorry kids..I am spending your inheritance..but please be happy that your mother died happy and ticked off anything on her bucket list before she went 🙂