Losing a loved one is always difficult and splitting inheritance adds on to the stress. These 5 inheritance tips can help you understand what to expect, and how to handle your unique situation:
1. LET YOUR INHERITANCE WORK FOR YOU
33% of people that receive an inheritance had a negative savings balance within two years. “The vast majority of people blew through it quickly,” said Jay Zagorsky, an economist and research scientist at The Ohio State University in Columbus, Ohio. Whether you decide to put your inheritance in real estate, a mutual fund or any other safe investment, allow it to appreciate in value – stop buying things you don’t need!
2. NOT ALL INHERITANCES WERE CREATED EQUAL
A whopping 64% of parents admit they have disclosed little to nothing about their wealth to their children. According to an HSBC survey, American retirees expect to leave an average inheritance of almost $177,000 to their heirs, the sixth highest of any country. Every family is in a unique financial situation – don’t compare apples to oranges.
3. YOU MAY HAVE INHERITANCE YOU DON’T KNOW ABOUT
Researcher Jay Zagorsky noted that by the year 2022, older Americans are expected to transfer about $4 trillion of inheritance to their heirs. If you’re a part of that $4 trillion, look into liquidating your inheritance. If your relative passed away and didn’t have children, you may be entitled to an inheritance you didn’t even know about. Since every state is unique, make sure to check out your state’s inheritance laws.
4. LET YOUR LOVED ONES LIVE THEIR LIVES
Although you may be entitled to an inheritance, a recent survey by High50 shows that 66% of parents between the age of 50 and 65 would rather spend their money than pass it on to their children, and 71% for those aged 60 to 65.
In other words, your parents understandably want to enjoy their hard-earned money. Good children want their parents to enjoy their lives, and parents want their children to be financially stable. Treat your family with respect and your parents may leave you a pretty penny!
5. FIGHTING OVER INHERITANCE? DON’T FREAK OUT
Inheritance disputes often arise between heirs, especially regarding real estate. If the inheritance is diverse, one heir can take possession of the property and the other heir can inherit the other assets. If this is not possible, Inheritance Cash Out may even be able to purchase your inherited share of the property, even in the midst of a dispute.
In the ideal scenario, everyone will inherit a hotel, a mansion, or the family heirloom that was passed down for generations and turned out to be a Russian Oligarch’s ancient possession worth millions. Even if none of the above are you, understand that every second of life is precious! Spend less time quarreling with co-inheritors, and more time enjoying the small things in life. And if the fight is simply unavoidable, consider cashing out!
After these five points, we hope you understand that many Americans believe that they’ll “be rich” from their family’s inheritance. As shown, having a significant inheritance will be quite rare in the state of our economy in 2019. If you are fortunate enough to inherit property, get a FREE QUOTE! We can even purchase just a portion of your property you inherit. No debt, no refinancing, we can simply write you a check for your inherited property.