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Inheritance is tricky, and you all had a lot to say!
I’m Michelle Singletary, personal finance columnist here at The Washington Post, and estate planning is not just about the finances at play but also emotions. In a recent column, “Our kids don’t want our paid-off house — or our ashes,” I discussed the initial heartbreak my husband and I experienced when our children told us they did not want to inherit our home.
I want to take this discussion further, now that a number of readers have shared their stories. One reader wrote: “This exact situation just landed in my lap this week. My parents both died within months of each other, and after years of adamantly refusing their house, I have realized it’s best to move into it myself. I’m the eldest and executor. Their house is twice the size of mine and both houses are paid off. My sister wants the ‘family homestead’ to remain intact so she can store stuff there and stay when she’s not traveling in Europe (her lifelong dream). Her house is also paid off, so no mortgage issues. My hitch is figuring out if I will have enough income for the upkeep. If I do, that’s the plan. It’s going to be a tremendous, drawn-out transition to move and sell my house, but it keeps the most valuable asset in the family. PS: My parents’ ashes are heading to the ocean for scattering. They were good with that.”
How do you plan to deal with estate planning issues? What are your financial questions? Join me on Monday at noon to discuss what your kids do not want from your estate. I will also answer other personal finance questions.
Send us your question below. The question box includes a space for your name, but this is optional. Your question may be edited for accuracy and clarity. Bookmark this page.
And if you missed it, here is how we paid off our home early, our reasoning behind it and the unintended consequences on my credit score.
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