Where is the Money, Mother? A Mother's Day Warning for Adult Children who Expect to Inherit All

A soaring property and share market ensure that there is more money to inherit than ever. Yet adult children are too busy with their own lives to be attentive to their parents. Increasingly, parents (who are living longer) are leaving their money to friends, carers or charities. Some parents feel that their adult children have enough already. This upsets adult children worldwide, who see their inheritance as their right and has led to an increase in will disputes, a lawyer says.

Mooloolaba, Australia (PRWEB) May 11, 2007 -- Winston Churchill once said that "Saving is a fine thing. Especially when your parents have done it for you".

In the 21st Century with the soaring property and share markets in many countries, there is more money to inherit than ever before. However, parents may expect their adult children to be more attentive than ever before. Yet the younger generation are not only so often geographically further away but just too busy with their own busy modern lives.

In my practice, I have noticed an increase in the number of contested wills often caused by there being more money to argue over and parents not following the party line and leaving their money to their children.

Parents live much longer and without frequent contact from their children there may be other people in their lives who seem more deserving. For instance, their friends, neighbours, carers or even mistresses and toy boys. This is not a new problem but with more money there is more choice of lifestyle in every way.

Lawyer Paul Brennan says "The bottom line is that if you are not calling your mother every week then your inheritance is at risk".

In view of the money at stake, lawyers may increasingly suggest to their clients to consider if their adult children are financially responsible. A very worrying prospect for many adult children who were banking on their inheritance. See the attached "One Minute Law: Message to Mothers" video clip to find out the type of advice that mothers may be getting from their lawyers http://www.youtube.com/watch?v=H7d3gnawI5I.

Paul says, "A few years ago I would assume that clients had a house and a modest sum of money. Now I find out how much they have got and I am often surprised. Money is a quality problem however it does have responsibilities. If parents decide that their adult children cannot be trusted to look after the money they may set up a trust on their death so it can be managed prudently."

Some parents decide that their children have got too much already and may leave the money to a charity. Paul Brennan continues, "Adult children seem to be able to accept if the money goes to the blond across the road from the nursing home but some parents will leave their money to say a donkey sanctuary which can be very upsetting for the adult children."

Paul concludes, "In my practice, I have noticed an increase in the number of contested wills often caused by there being more money to argue over and parents not following the party line and leaving their money to their children."

Practising Lawyer Paul Brennan has been in law in London (UK) Toronto (Canada), Hong Kong, Sydney and now Queensland Australia. A humourist-he draws regular legal cartoons for the Australian Financial Review and Asialaw Magazine. He is legal columnist for the leading national magazine for SME's "My Business" Magazine.

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