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How to make better use of bequests from parents
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Research shows that more adult children may find themselves unexpectedly inheriting wealth over the next two decades.
PHOTO ILLUSTRATION: UNSPLASH
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Mr Michael Hay knew his mother was financially secure, but he didn’t fully know her situation until she was admitted to a hospital and he was granted her power of attorney. Even then, it wasn’t until his mother’s death, about a month later, that Mr Hay understood that he and his two sisters were about to inherit a sum that would make a real difference in their lives.
Nine months later, Mr Hay, 47, says he’s still processing the shock of suddenly losing his 78-year-old mother while gaining an inheritance he wasn’t prepared to receive. “I still call it ‘my mum’s money’ even though it’s legally in my name,” said Mr Hay, who works at a tech start-up.
