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Texas wills: Are parents leaving money to their kids?

Surveys indicate that many children expect to receive an inheritance when their parents pass away. Those that believe they will receive an inheritance typically put the money toward retirement or paying off debt. However, Texas parents may be interested to know that some parents are no longer leaving children money in their wills.

When wealthy parents were surveyed, nearly one-third were more likely to leave their money to charity than to their children. That one-third believes that they have done enough for their children, and their children can become wealthy on their own. Others believe that their children will not be responsible with the money. For some parents, it is not a matter of should they leave something to their children, but instead, it is a matter of whether they are able to leave an inheritance to their children. People are living longer nowadays than ever before, and parents may need their money as they age.

These differing opinions can end up causing problems between parents and children. As uncomfortable as it is to discuss inheritances, at the very least parents may benefit by discussing the matter in general terms. Doing so can give children a more realistic picture of what will happen as their parents age and then pass away.

When it comes to wills and other estate planning documents, parents and children may unknowingly be worlds apart. It is not necessary for children to have every detail regarding their parents' financial situation. No matter what decisions Texas parents make regarding inheritances, those decisions that are properly documented will help ensure they will be carried out when the time comes.

Source: pe.com, KIDS AND MONEY: Inheritance expectation vs. reality, No author, Oct. 28, 2013

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