Those Texas residents who still have their parents or grandparents in their lives likely count themselves as fortunate. For many, having the older generations of family members still with them is priceless. Of course, it is natural to assume that individuals will receive an inheritance after the passing of their parents and grandparents. In fact, a recent study by a national investor management group revealed that a large number of young people expect these inheritances. However, expectation and reality do not always coincide.
Research showed that only 40 percent of parents had plans to pass anything along to their children after their deaths. This is in stark contrast to the 70 percent of children who expect to inherit something from their parents. Those analyzing this information have speculated that more people today may feel as though they deserve an inheritance, despite the desires of the older family members.
Individuals in the United States are free to name anyone they want to inherit their estates. This practice is not typical in other parts of the world. In fact, many countries specifically define how the inheritance process works. Furthermore, not naming children as heirs in some cultures is actually illegal.
Dealing with inheritance issues can be an emotional process for everyone involved. It is of utmost importance to fully communicate with family members and express one’s intentions in the estate planning process. A Texas attorney familiar with estate administration can assist clients in developing plans that will help carry out their wishes for the future.