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If your lawyer is your executor, what if he/she dies, as mine did, or retires? Does the responsibility automatically go to another lawyer in the firm, assuming yours has partners (mine didn't), or...???
That's a question to ask when the will is written up
My current house and car aren't worth much; of course, that may change. I was told an organization/charity can't be the beneficiary of my accounts; it must be a named human being.
Told by whom? Someone who really knows or someone who thinks they know?
Bottom line, otterhere: you need to decide which charity or charities you want as your beneficiaries then go see a lawyer. Estate laws vary with states. We can tell what we did but that doesn't mean it's what you can do.
No disrespect but I think you're fussing about it more than you need to.
My current house and car aren't worth much; of course, that may change. I was told an organization/charity can't be the beneficiary of my accounts; it must be a named human being.
I would think the house and car will need more attention than bank accounts. Someone will need to empty out the house and sell it. The car sold too.
My current house and car aren't worth much; of course, that may change. I was told an organization/charity can't be the beneficiary of my accounts; it must be a named human being.
Is that a state requirement? I never heard of that and I'm leaving my estate to a humane society. Now, my accounts are not the primary thing and won't be, the sale of my house is.
Is that a state requirement? I never heard of that and I'm leaving my estate to a humane society. Now, my accounts are not the primary thing and won't be, the sale of my house is.
I would think so too. And all the stuff in it that may need attention. Discarding paperwork, computer files, photos in addition to clearing out furniture and clothes.
My current house and car aren't worth much; of course, that may change. I was told an organization/charity can't be the beneficiary of my accounts; it must be a named human being.
Otter, I don’t pretend to be a lawyer, but google whether charities or organizations can be beneficiaries. Everything indicates yes. You always hear of people leaving money to schools, churches, charities. It looks like a will wouldn’t even be needed for a bank or investment account if you designate the charity as POD …payable on death. Like this..tge Humane Society us an example..
And all the stuff in it that may need attention. Discarding paperwork, computer files, photos in addition to clearing out furniture and clothes.
I mean, that will be somebody's problem, but not mine... If you're dead, why would you care about computer files, photos, and clothes? I just want my money, if there's any left, to do some good in this world and not go to the undeserving and be wasted. I suppose you can decree that your house, possessions, car, whatever be liquidated and also benefit the designated charity.
I mean, that will be somebody's problem, but not mine. If you die, how are you going to "discard computer files and photos," and who cares?
Why can’t you appoint one person for a fee such as a lawyer. Have them write a will now that states which charities get what and it’s his responsibility to see that that happens. The lawyer will also be responsible to hire a clean out company to empty the house and a realtor to sell it. His agreed upon fee will be deducted from the estate proceeds. If you’re concerned the lawyer won’t do it the way you wish hire a second person to oversee it.
Maybe just spend your money now, travel you may meet new friends and all this may never need to happen.
If "something happens" like you have a health emergency, and there's nobody to contact, then you might end up under a state-appointed guardian who will seize your assets and move you to a facility. Then you won't have to worry (haha).
There are also professional guardians you can hire ahead of time and get to know before you might end up needing someone to handle your affairs. You have to be comfortable with giving them house keys and putting their name on your checking account for when they need to take over your finances and pay bills if you no longer can do it yourself, or if you are temporarily out of commission.
I'm in a similar situation, widowed with no more immediate family. Don't know anyone who I'd trust to appoint as my executor, except I do have a friend who agreed to be my POA for health matters. Even if you have your living will on file, it is not enforceable without someone to enforce it, either someone you've named, or if you name nobody, then they will search for next of kin. My next of kin are a niece and nephew who I absolutely do not trust to be involved in making critical decisions about my care.
My "hope" is that I'll get some kind of terminal diagnosis, or know that dementia is setting in, so that I can start unloading assets and property in preparation, not leaving it to someone else. I'd like to have nothing left that needs to be "executed". Then I can go and have a "rock climbing accident".
Travel! There is a whole wide world out there to explore. Enjoy the local culture. Partake in fantastic gastronomy in all these places.. there is too many delicious meals out there. I cant wait.
I would just spend exploring.
Life is too short and the world too small... find it!
I have grown children, grandchildren, great grandchildren and great, great grandchildren so your question is not one I will have to deal with but I love to travel.
When I retired I realized I had stopped working but had suddenly become a consumer. Traveling is a way to let people who end up with your money earn the right to have it.
And if you want to win brownie points for the next life, think about donating to Saint Jude Children's Hospital.
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