Both of us coming from very dysfunctional families, we analyzed that question. We even talked it over with our children. We paid for their educations, (all have degrees). Paid for their first weddings, their honeymoons and bailed them out financially several times over the years. Upon retirement (me 64, wife 63) we sat down with pen in hand and planned our future.
We checked into cremations (our choice), housing needs, desirable locations and health care. We both receive SS/Medicare and I also have a livable pension. We figured what we needed to have for our final expenses and salted about double that away in a money market account. Set up a sizable (by my standards) emergency fund in a savings account. We paid cash for our residence, paid off our autos (limit our expectations for future transportation needs), we pay cash for everything (no credit cards only debit). My wife will get my SS and 100% of my pension until her passing. My income compared to hers is about 5 to 1 so she's protected financially.
My children were given every tangible item we didn't need after retirement and were told that we will not be leaving anything other than what is left over in our MM and emergency funds. They get the home, any autos (even if it's only salvage). I had a 401K but after 2009 I panicked and pulled it out, paid the taxes on it and paid off everything we had, took a 30 day auto tour of the US, furnished our new home, bought my wife a new car and somewhere over time spent the rest. We sold our home of 20 years, used the equity to buy our current residence, move and got setup in what we hope is our last home. We set up smaller savings accounts for our 6 grandchildren that we hope they are replenishing.
So no I'm not planning to leave any inheritance and my children expect none. They are all making more than I ever did annually and each has made plans of their own financially. The most trusted child (widowed with no plans to remarry) has our POAs/all our current passwords, electronic copies of 10 years of tax returns, financial account information, location of our safety deposit box (containing several copies all our titles, birth certificates, marriage licenses,,,etc) and all have copies of our will and DNRs. We have an annual update meeting with them, me being OCD is their cross to bear.
I don't want them to go through what we did when our parents passed. The only thing they will need to obtain is a few extra copies of the death certificate of the surviving spouse.
