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If I care about my spouse, kids, grandkids? I don't have any of those.
Exactly. Though it may be shocking to some, not all of us have relatives. Some of us the final branch on the family tree. Our considerations for posthumous disposal of our estates, differ a bit, from those who worry about squabbles between kinsmen, or who intend to leave a legacy.
Exactly. Though it may be shocking to some, not all of us have relatives. Some of us the final branch on the family tree. Our considerations for posthumous disposal of our estates, differ a bit, from those who worry about squabbles between kinsmen, or who intend to leave a legacy.
Fair enough, but certainly you have a friend or someone you care about? If you don't, that's a whole different thread in a different forum on this website
I have been procrastinating on making a will because it's complicated. My husband and I have substantial assets but no children or other immediate family, just a niece and nephew. They are both in their 40s, but neither went beyond high school. They know nothing about money except how to spend it. I need to find an executor and set up some type of trust. Otherwise my niece and nephew will just blow it all on cars, travel and luxuries.
It's a shame you can't "buy" a kid in this country. You have to go overseas, like the Jolie-Pitts of the world. You could set said kid up with a great education.
The hard part for us was putting everything in the trust. Lots of paper work that had to be notarized.
My parents didn't understand they had to actually put their assets into the trust. My dad handled all the finances and such but developed Dementia and things he didn't understand, like how to utilize the trust, languished. My mother never dealt with anything beyond a checking account and was incapable of taking it all on. After my dad passed I helped get everything consolidated, with the assistance of my mother's financial advisor and advice from the estate attorney hired. It does take some work and time but it's worth it. No point in having a trust if you don't use it.
I don’t have one as the only surviving immediate family members will likely pass long before I do. The only nephew I cared about took his own life years ago after battling leukemia so my possessions will likely go to my local dog rescue that I have been heavily involved with. I just have to settle on the beneficiary. I have considered leaving my home to a friend that would appreciate it.
Fair enough, but certainly you have a friend or someone you care about? If you don't, that's a whole different thread in a different forum on this website
I don't know about ohio_peasant, but our friends are all pretty well set already, having spent a career in tech.
Now that I'm married, everything goes to my husband and I'm good with that. But, we do need to get a few things in place to ensure it all goes smoothly.
My mom has been pushing all this on us kids since her parents died and had to deal with the aftermath of that and then my dad's parents died and the kids started fighting. Mom has told me and my brother to start putting post-its on things we want. She's already stated she's not going to remarry so no need to worry; everything will go to me and my brother. Thankfully, he and I get along well enough and have different tastes and so far neither of us is like, "You can't have that because I want it". She's also got everythingin place: awesome medical, long-term care, will's, trusts, annuities (for whatever reason), etc. When she goes, everything is in once place; we just grab the folder and go. Gotta love that woman!
I just want to get my life in order if I die, so my hubby is set. Or if we go at the same time, my mom can take care of things.
Our trust has several charitable orgs as beneficiaries and when there is a mixture of people and organizations the tax implications get complicated. We wanted to shield our heirs from tax problems as best we could so constructed the trust accordingly. So it got a little complex and made more work for us. But it's all done now.
Don't you worry. I have an attorney and a financial advisor and a CPA.
Now that I'm married, everything goes to my husband and I'm good with that. But, we do need to get a few things in place to ensure it all goes smoothly.
Not to be morbid, and God forbid anything happens to him first, then what?
If anybody with out an heir or beneficiary is interested in adopting, I "know" a good looking 61 year old Jewish guy, that likes hunting, fishing, long walks on the beach...
Just throwing it out there
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