I have been reading that economists figure that baby boomers have $30 to $48 trillion in personal assets that they will pass down over the next 25 years or so. Some say it will be the greatest wealth transfer in history. I have some ideas if you think you might receive an inheritance or if you are the one leaving money to family.
First: even if Mom and Dad have told you that you’ll be getting money or some other asset, the best thing you can do is “expect nothing”. Things can happen down the road and their wealth can be depleted. By not counting on anything you’ll be happier and more self-sufficient. Then if you do get something it’s a bonus not something you were counting on.
Once the terms of the inheritance are disclosed, if things didn’t turn out the way you hoped, move on. Complaining can make you look small to others and to yourself.
Spouses can make these situations better or worse. If the death is in your spouse’s family, be supportive but stay out of it. Learn from the experience and possibly do things differently for when the time comes for you to make these decisions.
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