There is a difference of opinion between parents and children about the amount of an inheritance, because only 21% of parents have told their children what to expect as an inheritance, according to Financial Advisor in "Hoping For An Inheritance? You May Not Get As Much As You Expect."
Most children do not know the amount of assets their parents hold, how much their parents have saved for retirement or even how much their parents earn from working. However, those details can be really important when it comes to what is expected for an inheritance.
This can be a big problem when children think they will inherit more from their parents than they actually will. When people are disappointed with the size of their inheritances, is when they start to think about fighting other family members over an estate.
It is rare to learn of an estate battle started by someone who gets more than they thought they would. On the other hand, it is not at all rare to see estate litigation brought by someone who gets less.
Estate litigation is extremely expensive and emotionally taxing for all family members involved.
It is recommended that you contact an estate planning attorney for advice on creating an estate plan that fits your circumstances and guidance on communicating that information to make the situation as easy as possible. Contact us today for a consultation.
Reference: Financial Advisor (March 15, 2017) "Hoping For An Inheritance? You May Not Get As Much As You Expect."