For the older generations, an inheritance is viewed as a gift to the next generation from those who came before and is often equally shared among heirs so that the wealth is spread about fairly. But a recent survey shows that those attitudes might not be mirrored by the younger generations such as the Millennials. For that generation, an inheritance is view by many as a form of control, to be avoided, while there is also a stronger preference for the relative needs of each heir to be taken into account when determination how much each person might inherit. As a result, it is a good idea to communicate with younger heirs about their potential inheritance and any issues that might arise. For example, if a testator is considering leaving more to a child that is disabled. This way there is a greater chance everyone will be on the same page and lessen the chance for an challenge to the estate down the line.
See Kyle Krull, Why are My Millennial Children so Disinterested in My Money?, Kansas & Missouri Estate Planning Blog, May 12, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
