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By one reckoning, the real question isn't about what to "do", but how in the present and in one's remaining sentient years, one feels. The literal mechanics of how to plan the disposition of one's estate after one's death, while perhaps daunting, are not insurmountable. Far more insurmountable is pondering the what's-it-all-about big questions...about work, accumulation and investment; charity and munificence, or avarice and fear of loss... one's human-worth vs. one's net-worth; whether there are any regrets, and whether there remains time to reduce those regrets.
Living as a more or less solitary individual, within kin or tribe, there are ubiquitous tensions, some minor, others not. The one about final disposition of funds is perhaps one of the weightier questions. But again the weight is in the mental juxtaposition between the self and society... rather than, what form to fill out, who signs, and so on.
I can assure you that expensive places are indeed much better than cheap ones paid by Medicaid when someone is there to monitor care, at least in my mother’s situation.
Ideally, realistically? Find someway that my ranch stays as a 10+ acre nature preserve.
Now, will it end up like that as the nature preserve? I doubt it. My heirs will probably be offered some irresistible cash for a developer to come in and turn it into 40 1/4 acre lots, houses squeezed in like sardines, trees and animals be damned.......but that's another story.
I have my cousins, brothers, and nieces to contend with. My cousins I do not worry about for if that of one cousine is any indication, having just bought a quarter of a million dollar car (well, maybe $100K+), they are doing well enough. My Brothers got the same as I did but our expenses and interests are different, so that's something, and who knows how their daughters think.
As what I do with it while I am alive, that is to try to make it the most substainable I can as I can.
Write the bums that would sell out to a developer out of your will. As in "my brothers get nothing, nada, nothing!" If a nuclear option is warranted, disinherit your entire family.
Better to leave it to your favorite Outlaw Biker Gang.
I can assure you that expensive places are indeed much better than cheap ones paid by Medicaid when someone is there to monitor care, at least in my mother’s situation.
We've already established that those of us posting here don't have "someone there to monitor care," so one place is as good as another.
I don't wish to keep it for my care in old age; with any luck, I won't live that long, but if I do, experience has convinced me that the expensive places aren't much better than the cheap ones paid by Medicaid. It all sucks! I'd rather have fun with it while I'm still young...
I hear you, and have a similar "plan", if you can call it that. Work hard and save your money for decades so you can blow it all on an assisted living center to help you change your diapers and watch everyone around you die? Pass!
I haven't read through the whole thread, but what happens if one does nothing? No will, no directive, with no next of kin? If the answer is that unclaimed funds end up with the state or the government, that might be enough impetus for me to designate anyone/anything other than the government before it's too late.
I haven't read through the whole thread, but what happens if one does nothing? No will, no directive, with no next of kin? If the answer is that unclaimed funds end up with the state or the government, that might be enough impetus for me to designate anyone/anything other than the government before it's too late.
Everyone probably has SOME "kin" somewhere who would be next in line to inherit it if not designated otherwise. If you're okay with that, then I guess there's no reason to do anything; just let it play out?
If you TRULY have no family nor any specific person you would want to leave your estate to (please no "alone for the holidays" people who are married or otherwise not really alone), what do you plan to do with it and what steps have to taken to ensure that your plans will be carried out? Be specific! Since I TRULY have no one and not even anyone able to execute my will, I am currently vacillating between buying choice annuities and just spending it all by traveling for the rest of my useful life...
I can relate to your situation.
My wife and I are in our 70s, and are also facing a similar situation, sort of. I'm an only child, and have been in western NY for most of my life, as my father changed careers when I was young. We were the ones that left the hometown. My wife was born and raised here, in western NY, and has remained here. She had a younger brother, but he passed, a number of years ago, and he didn't have any children. We married rather late, and opted not to have any children. Therefore, no sons or daughters, or nieces or nephews. My aunts and uncles all are gone, and the closest relatives I have are a handful of cousins, all of them living in other areas than our hometown, and the few cousins my wife had, for the most part have either passed on, or retired to a southern state. Consequently we aren't all that close with them.
Assuming that we don't outlive our money, whatever is left over, at the time of our passing, is destined to several charities. Our attorney is the executor of our wills/estate. It's kind of sad, in a way, that we ended up in this situation, but that's how it all shook out. My only concern (fear) is that we die and nobody will notice for an extended length of time, and not be able to identify us, and/or know to contact out attorney, to put our final wishes in motion.
Having said all that, "otterhere", I suggest spending whatever it takes, to enjoy the remainder of your life and/or make it comfortable. Find yourself an attorney with a good reputation, and one who has experience in elder care, and draw up a will and long term plan. Then, simply, "carry on"...........
Just keep a tiny card with names & numbers in your wallet. Good idea for any kind of emergency.
Good idea, and if you're so motivated, clearly mark those critical names with the nomenclature I.C.E., which is supposed to be understood as "In Case of Emergency"...
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