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I am in a similar situation. Long ago divorced, no kids. Currently I have transfer on death for assets to three nieces. Two are in their late 20s early 30s. I really don't like how either has turned out, they aren't bad woman, just I don't identify with them. I keep telling myself it is just a phase, but who knows. The other is a preschooler. I really don't think It would be particularly good for any of them to inherit, it would add to their sense of entitlement, which seems prevelant in that age group. The youngest is an only child of older financially secure parents.
I have loosened the purse strings on myself,but I am not a stuff person. I am not involved in a church, so no contribution there. I can't seem to come up with what to do. Am interested in what others might think.
Are you an animal lover? If so donate to your local non government run shelter. Or donate to National Mill Dog Rescue who saves animals from puppy mills who are no longer needed for their breeding purposes.
Do you have a heart for the homeless? Contribute to your local shelter. There's nothing saying your money has to go to family but if you don't have a will or living trust that is what will happen.
Here I am, 66, and I still haven't made out a Will. What, perhaps, makes it tougher for me is I'm single, no children! And the indecision can drive me kookoo!
I do have 3 nieces, one nephew, but 3 of them are very well off, in no need of it, but my one niece is the poorest, and she could use it. But, due to a wide discrepancies in values/beliefs, I'm not even sure I want to give it to her.
And then there's my 61 YO Mexican roommate who's been with me 15 years, who's been a Guardian Angel to me all these years, and I can hardly call him a roommate anymore, he's family. Now there's a possibility, but he's not a U.S. citizen, only has a Green Card.
And then! There's a whole array of charitable/political groups I'd love to give to as well, but with that direction, I always worry about some of those overpaid leaders, and whether the money will be directed to the most needy or not.
What to do? Anyone else pull their hair out, at times, trying to make these decisions? Or find themselves changing their wills, from time to time?
A will can always be changed so at least for now, draw one up to prevent any problems but of course you will be dead and not know of the problems...but still....draw one up.
You do have a will that was drafted by the state. If you do nothing your relatives are probably the ones who will inherit your money.
Not knowing the amount of money I will assume using trusts and providing for your roommate then the charities through a trust would not be practicable.
If you leave all your assets to your roommate and ask him (he would not have to do this) to leave what ever is left to your charities this might work for now.
You also need a health directive and may need a power of attorney. I would look for an attorney that practices elder law.
Remember you are hiring the attorney so the attorney should be willing to meet with you and give you a cost estimate without you paying him a fee.
In short either you decide or your respective state stands ready to make a decision for you. I market legal plan memberships which include a Will and the First thing I stress is to consult with the Attorney as I have seen many situations where people have passed without any planning.
It isn't fun for the person who has to settle the estate. Especially when it comes to looking for assets and documents.
Ten years ago, my boy friend died without a will and it was a mess. Everything went to out of state cousins and nothing to me or his two close friends. We were not even able to get mementos. I know this is not what he intended but he did not make a will or sign any beneficiary forms. Also my older sister died with a will but it still took some effort for my brother as executor to settle the estate. My brother basically begged me and my other brother, both single, to make a will so he would not have to go through a real mess if either of us died.
This prompted me to go to "Walk in Wills" and pay $450 for a will, advanced directive, and medical power of attorney. I also made sure that I had updated beneficiary forms signed for my 401k and checking and savings accounts. The will is just for the house and furnishings. Everything goes to siblings and friends. If I had a husband or children, I would have been gone to a more experienced attorney and paid the big bucks for an ironclad will or trust. But at least my will was drawn up by an attorney licensed to practice in my state.
I'm certainly no expert on wills but I have heard that you should leave something to your relatives. If your will totally omits them, there is more of a chance that it could be successfully challenged. But don't know if there is any truth to this.
Are you an animal lover? If so donate to your local non government run shelter. Or donate to National Mill Dog Rescue who saves animals from puppy mills who are no longer needed for their breeding purposes.
Do you have a heart for the homeless? Contribute to your local shelter. There's nothing saying your money has to go to family but if you don't have a will or living trust that is what will happen.
Yes!! I have done this. To several animal organization. No children but do have very greedy siblings and they aren't getting any of it. (nor do they need it, would rather give it to something that needs it.)
Yes!! I have done this. To several animal organization. No children but do have very greedy siblings and they aren't getting any of it. (nor do they need it, would rather give it to something that needs it.)
I LOVE the idea of leaving money to animal no-kill animal shelters. There is ALWAYS a need there.
One could also split an estate 3 or 4 ways, say some to animals, some to people, a certain amt to an organization. They'd each still be getting a good amount.
I've procrastinated on this way too long, and I need to get my butt in gear and gets some legal consultation and what to do, what would be best.
The estate isn't a whole lot of money anyway, a $100k townhouse paid for, about $20k in savings, and a car and household belongings.
But, ideally, I want to give it away to whomever, whatever organization, that I could trust to make the world a better place, perhaps.
Thanks for all the thoughtful responses with some ideas for me.
I am a member of NoisefreeAmerica, and they're always looking for donations, and that's a biggie for me, making the world a quieter place to live.
I understand your dilemma. We have no kids and all our siblings are well-off and so are their kids, to whom we are not close anyway. My dad gave most of his money to the Red Cross, his choice. I chose International Justice Mission, which is all over the world stopping slavery, violence against widows and children, sex slavery, kidnappings, corrupt police and so forth. You can Google them. Since you expressed an interest in making the world a better place, that's just what they are doing. The CEO, Gary Hougan, gave a great talk on TED talks.
I am suspect of most charities. Even the Red Cross CEO makes millions---please!
We have to make a new will here in our new country and I can only hope it will be enforced, and that somebody will find it when we depart this mortal coil.
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