When dividing assets, you may wonder how the inheritance you are leaving to your children stacks up against the norm. Are you leaving too little or too much?
The numbers change constantly, but a survey that was carried out by HSBC found that the average inheritance in the United States clocks is around $177,000.
The number could be even higher. The study also found that about one third of Americans who are still in the workforce -- or, at least, in that age bracket -- had already gotten some money passed down to them. The average for these early gifts, given by parents who had not yet passed away, was $24,000. That could increase the totals for some of those workers to over $200,000 when all is said and done.
It is worth noting, however, that the study did find that a mere 44 percent of Americans said they were going to leave money behind at all. More than half -- 56 percent -- weren't going to leave anything.
With all of those $0 inheritances on the books, some of the larger inheritances are skewing the numbers upward. For example, one person who gets $10,000,000 can make up for a lot of people who get nothing, keeping the average at $177,000.
As you decide what to do with your assets and how to split up what you own between your heirs, make sure you know how the legal process has to play out. No matter how much or how little you're leaving behind, you need to make sure you do it properly so there are no issues for your children.
Source: Broke Millennial, "Are You Owed an Inheritance?," accessed Nov. 23, 2016