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Well, when the parents died, each of the older 5 kids got 50K. Not bad at all! But child number 6 got the farm/business that was then worth over 5 million dollars. The older 5 kids asked him to share and he more or less told them to stuff it. The inheritance completely broke up the family and to this day most of them don't even speak to each other over this mess.
Just something to think about!
That is sad. I wouldn't do that unless the other 5 kids disowned me.
If at all possible, you might want to give some of it away while you are still living, and that way you CAN suggest that it be used for home improvements, 529 Education funds or if your children have children you can set up trust funds for them (even if it's a percent of your estate divided equally among living grandchildren and not letting them have access until a certain age).
My DH and I are in the process of moving our assets into a trust~with stipulation of how much and when the beneficiaries have access to the money. The remainder is going to named charities. We don't have any biological children. If there isn't any money left~oh well.
My sister is younger, but is an adult. They just perceive her as less capable/successful. (I am very good with money/debt etc)
My comment was made in response to you saying once they inherit it is THEIR MONEY - and then you went on to say you are Executor for your sister's portion . . . so the point was if it is their money, why would your sister need an executor . . . sorry I was not more clear . . .
My comment was made in response to you saying once they inherit it is THEIR MONEY - and then you went on to say you are Executor for your sister's portion . . . so the point was if it is their money, why would your sister need an executor . . . sorry I was not more clear . . .
Sorry I wasn't more clear.
My first statement was that once they get it... it's theirs.
I went on to say a way that you can see that your wishes are carried out after the grave. (And offered up what my parents are doing as an example)
You could put money into an education trust or fund, earmark it to be received after a certain age (With the hope that a 40 year old wouldn't blow it like a 21 year old would)
Simple way to do this: give your entire estate to the spouse. After the spouse is passed on, their estate gives "share and share alike" to the kids. My parents did this and we are doing the same .
I have been struggling with this question for a long time . . . In leaving one's assets to children/grandchildren, do you consider their behavior or do you just split evenly? . . .
Thoughts?
My assets are just that mine, and I have bequeathed them as I see fit, and I don't give a da*mn whose nose may get out of joint.
I have already changed my will twice, each time excluding individuals who have made enough money to be secure. They have no need of a bequest from me.
I would never leave a bequest to any people I felt behaved badly or were irresponsible. Funding some lout simply because she or he share my genes is worse than throwing money into the toilet. And it's not just stupid, it's anti-social.
Half of my assets will go to a local group that struggles to take care of severely disabled children, and is now try to collect enough funds to build a residence for severely disabled adults whose parents die or are too infirm to care for them.
These people will never be capable of providing for themselves, whereas all of my family are able bodied.
My first statement was that once they get it... it's theirs.
I went on to say a way that you can see that your wishes are carried out after the grave. (And offered up what my parents are doing as an example)
You could put money into an education trust or fund, earmark it to be received after a certain age (With the hope that a 40 year old wouldn't blow it like a 21 year old would)
Specify it as Retirement funds etc.
Great ideas.
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