So this has something that has been stressing me out for a number of years.Im a 39 year old male from the very rural south.Later in life, I got the hell out and spent a lot of time in the city building my career and make around 70k(wife 40k)
My wonderful grandparents and mother are all ill .My mother has worked her ass off and made quite well and has a bit of assets(Several homes,Land,etc) my grandparents are of course boomers who have lots and lots of things.(Tools,Heavy Furniture,Glass,2 Tractors,acres of land)
I work median job and am quite happy with how the routine is in my life. I feel negative anticipation of getting passed all of these things are that are not in my interest. I obviously don't want to give the stuff away .But when the day comes I'd at least like to be somewhat prepared for what to do next, but honestly I have no idea where to state.ive considered a wealth advisor if that's even an option .
I'm a simple guy,maybe a bit of an underachiever in my social status I don't particularly know of anyone or have any family members that are going to assist me and my wife. ,. No siblings . Only child .
I'm also a little terrified to squander everything that my family has worked their but off to earn(we practically came from nothing). I feel like a let down on some ways, almost like I couldn't carry the torch for my mother's hard work.Amassing large amounts of wealth doesnt interest me as I want to make enough to love comfortable and travel.
Anyways my point here is what should I do.Im not going to be able to keep the lights on at all of these places.? My mom is bad ass and does have two of the houses geared up for VRBO , should I pick it up from there?
I've always considered selling everything or selling half, renting out(seems stressful)and investing , but I'm also terrified of the risk.
I do have a little debt, but overall I'm financially stable so paying that off wouldn't be much of anything.
Any guidance would be greatly appreciated.
Inheriting things I don't want
byu/Historical-Pack6488 inpersonalfinance
Posted by Historical-Pack6488
11 Comments
No kids, then generation wealth is of no concern for you and your wife. If you have kids than streamline what you receive and create wealth for you and for them. Or squander it away. If it’s just you and your partner, then look at not working any longer by renting selling and enjoy what time you have on this earth.
Sounds like you are manufacturing a problem that isn’t. When the time comes just sell everything if it stresses you out that much.
Why worry about this now? What a weird thing to stress about at this stage.
Regarding the land, the VRBOs are not a bad idea. When you say acres of land, what do you mean? There’s acres of prime vacation property–and there’s acres of boring farmland that requires upkeep. They’re different things.
Obviously, you should probably start by asking them about their wills. You need to figure out what you want to do and figure out what they want to do.
Be straight up with them. You don’t see yourself continuing to use the properties. If that changes their plans then that changes their plans. Otherwose just accept that you will sell it all and learn how to do that and invest before that day comes.
I run and own a single airbnb and it’s very little time commitment once you find some reliable cleaners. That said, depending on the property you could always hire a cohost for ~10% of the revenue it generates to run it for you for semi passive income. If its ready for VRBO, make sure its listed on Airbnb too for more traffic
I believe that no one should feel obligated to accept and retain unwanted inherited items.
Before my parents passed, they asked me and my siblings many times what possessions of theirs did we want to inherit. It felt awkward to reply “nothing” or to identify just one or two items in a list of hundreds. That sort of response can easily come across as if a person was saying that nothing they possessed was of any value. To say “No thanks” was like passing negative judgement on many items they held dear.
The absolute truth was that most of their belongings had meaning to them, not me or my siblings. I and my siblings encouraged our parents to find people who loved/valued the same things they did, and then pass those items onto to them, now or via their wills. In that way, our parents could find joy in knowing that someone who cherished those things would enjoy them after they were gone.
We also encouraged our parents to donate items to charities. In that way, there was a very good chance that the items would eventually belong to someone who really wanted them. Fortunately, our parents were not offended by our suggestions and did pass on many of their possessions to friends and relatives while alive.
If your parents insist on leaving you an inheritance, whether material items or capital, that you do not want. I think the best thing to do is politely accept it, thank them, and then donate the inheritance to a charity in their name.
Best wishes.
When my grandparents passed (they grew up during the depression) they saved everything. I grabbed anything sentimental first, then anything of value I could sell. Left the rest for charity.
Sell the lot, and park the cash. You never know when you might need it. Leave it to a charity if there’s no one in your life to leave it to.
Of course, you can sell everything and spend as you please until the end of your days. Nothing will be left in this world after you.
It is better to create a foundation for gifted children in the name of your family, to which you can transfer your inheritance for management. The properties can be rented out, and the rent money can be used to fund scholarships for gifted children. The meaning of a person’s life is to create – whether it’s their own children or helping other people’s children, it doesn’t matter. And the memory of your family will remain alive.
Just sell/donate everything and do what you want with the proceeds whether it’s spending it and/or investing it. I personally would try to keep a nest egg for emergencies and retirement.
Just don’t feel obligated to hang onto the things your parent/grandparents accrued.
There are two types of value in inheritance: sentimental and financial.
When the time comes, an estate sale company can help divest of the things that have only financial value. The rest you and your family will have to divide and share.
Before you get there though, hire an estate attorney to draft a will and have thorough conversations about all of this with your family.
My advice is consider ahead of time any small sentimental items that have heirloom appeal to you and ask for only those things specifically. The rest, sell yourself or with the help of some kind of broker. Things of value should be sold before passing so there is no sense of urgency to be rid of possessions that would drive their sale price down unreasonably.
But again, ***talk to an estate attorney***. Specifically one who practices in the state they reside.