If you’re fortunate, you may have accumulated a sum of money by the time you’re in your twilight years. However, inheritance is a gift not an obligation. There are no laws requiring you to leave anything at all behind. Only laws that decide who what you leave goes to. This is determined through a Will or the laws of intestacy. Although the majority are likely to leave behind an estate for their loved ones, some choose to spend their money and leave very little. As Heir Hunters, let’s look at the reasons for each.
Providing for the family
Many will leave an inheritance for the benefit of their family. Often, this is seen as gift for the family. An elderly family member leaving a sum of money to be inherited to their wife or children. This may be money that they happened to leave behind or money saved for the reason of leaving an inheritance for loved ones. However, there are also instances where inheritance is a necessity to the family. If the primary breadwinner passes, the inheritance that left behind can quite literally save the family and help them profusely through the struggling time. You may also be inclined to write non-relatives into your Will. You may have people very close to you in your life that are not related who you wish to benefit from your estate. Friends and other relatives may not be entitled without a Will, so writing them in is a showing of how much they mean to you.
Donating your estate
Like leaving an estate for your family, deceased parties may wish to do good after they pass. With a Will, you can include charities and other organisations to benefit from your estate. Many people without families opt to have their estate donated to Cancer Research, Oxfam, and various animal charities. Some wish for parts of their estate to be donated to their local community. This includes churches, clubs, hospitals, lifeboats and so on. Blanchards have recently worked on a case where the intestate left everything to Dogs Trust. Click here to read more about that case.
Generational Wealth
Though you may believe leaving a considerable estate will set your family up for generations, statistics prove otherwise. 90% of families lose their wealth by two generations. Within that, 70% of people lose their wealth by just one. Realistically what you leave is more likely to last about 50-60 years than the hundreds you may be imagining. Furthermore, those growing up heavily supported from generational wealth tend to go down darker paths than what you may think. With no incentive to work many have gone on record to say their
lives “have no purpose” which then leads to depression and so on. Billionaires like Bill Gates and Warren Buffet have claimed their children will not inherit the bulk of their estates.
Splurge
If none of the above sounds appealing, you always have the right to spend your money on whatever you please. Many go through life working hard and spending the money they do earn on their family and various necessities. When reaching retirement, you may want to spend time and money on yourself, doing things or buying items you always wanted before you pass on. This is especially common for those who never married or had any children. Overall, it’s your estate to do with as you please. For more stories like this please read our
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