What becomes of your estate after the big exit..

[FPNY]

Reading some of the responses in peeonmes big exit thread got me wondering what will become of everything we have worked for and love after our big exit. Rick and I have been discussing updating our wills in case we both go out at the same time and I am at a loss for what to do. I have some family members who could benefit greatly from an inheritance but some of them have proven themselves to be irresponsible. I'd like to think a life changing inheritance would help them live better but I'd bet it would be wasted. There are tons of worthy charities I think would make better use of anything left over.

Of course my plan is to die penniless and a ward of the state should I live long enough. It's just that, as we know, we never know.

What do you guys think?

 

[purina]

You can leave it to me.

As it is, I pity whoever has to clean up after me - hope it's no one I care about, which is likely.

 

[Harke the Boeotarch]

I, Harke of Boeotarch Manor, 5th Earl of the interwebs, hereby gracefully bequeath all my student debt and the cost of my funeral to the Kingdom of the Netherlands.

 

[SLOPPYSECONDS]

tink atis way
"folkees deadurd ans leav more deadurd planet"

humanpaeess got soooooo murch figa but time run out so

no wrree aboot it

tinku

 

[Rickrock]

I once had a will, if it still exists, where I would leave it all to my brothers and sisters equally. On my bank accounts and retirement accounts I have one brother and one sister as my beneficiaries. They are the two of the four whom I live with. That is assuming I still have anything left to leave. All four of my brothers and sisters are slightly younger than I am so I assume that some of them will still be alive. If some of them are gone before me, it would go to their heirs.

 

[sixthson]

FPNY, have you considered setting up trusts. Trusts, unlike wills, avoid probate, too. If you have monies you would like to leave to people you care about but are worried about them squandering it, a trust fund could specify how the funds are distributed such as college education. The trust can also mete out the money gradually over time, rather than all at once, if you choose.
If you are married to your man, do you plan to combine your estates? For a couple, the first nearly 11 million is federal tax free. Each state determines state estate taxes, however.

You might consider making gifts before you die. Each person can give $14,000 per year to anyone they wish with no one paying taxes on it. That would be cash gifts or things like college, automobiles, etc.

 

[star-warrior]

Perhaps if you recall the places and people who gave you the help to get you where you are, and if those places and people still abide, then can they benefit from your largese?

I would definitely give something to my alma maters.

 

[sixthson]

I would definitely give something to my alma maters.

Here, if your alma mater knows you have money, they call regularly to ask for gifts and they are not shy about asking to be named in your estate planning, including the amount you plan to leave them. So, hurry up and die.

 

[rareboy]

Well, I have a very detailed will.....

And this is how it goes beyond all the shared property and bequests to my partner. After his death:

1. Our cats each get $10,000 per year until they die and their caregivers must produce valid proof each year that the cats are in good alive and in good health.

2. A conservation trust gets a fixed amount to care for our farm in perpetuity.

3. My sister gets a lump sum to travel.

4. My niece and nephew get first pick of all the artwork and furnishings etc. that belonged to my parents and grandparents etc. After that, my first cousins get their choice of anything they would like.

After that, everything is sold at auction with the proceeds divided between music programs at our local school and local animal shelter.

5. All of my cousins' grandchildren children get a lump sum to support them in school.

6. The Cat Shelter at Torre Argentina in Rome gets a lump sum.

7. The organization I serve as a director for that supports education in Tibet gets a lump sum.

8. The University of Guelph gets a bequest to establish a Chair in Feline medicine.

9. My niece and nephew, and their children share the residue.

 

[star-warrior]

Here, if your alma mater knows you have money, they call regularly to ask for gifts and they are not shy about asking to be named in your estate planning, including the amount you plan to leave them. So, hurry up and die.

Donations like giving charity is at a time and place I choose, so don't forget that. You ought to choose what you'd like to do, say offer a full scholarship to one or more deserving young mind(s) in the department that you studied in. For me, that would be physics.

Since I also include high school and junior schools too, perhaps a donation for better equiptment the current intake could use and benefit from, as a former pupil there.

 

[eddielee]

The land and home will go to 2 younger, responsible members of my family. There is plenty of land for new homes and a nice forest that can be preserved. I have a lot of antiques, which, after family members have taken favorites, will go to museums or be auctioned off. Gold and jewels will go to the 2 family members of which they may do as they please, although I hope some of the cherished and expensive jewelry will be passed down in the family.

 

[Telstra]

I don't have a written "will".
I assumed the assets goes to the "next of keens".

 

[mikey3000]

My kids will get what ever is left. I told them who ever takes care of me in my dottage will by handsomly rewarded, and i had no takers. They'll be sooooorry.

 

[peeonme]

We had our wills drawn up about 35 years ago, everything will go to our son.

 

[jbrown329]

Estate? Yeah right. I don't know just whom to leave my porn collection to. Most of what I own would end up in the dump or Goodwill.

 

[FPNY]

FPNY, have you considered setting up trusts. Trusts, unlike wills, avoid probate, too. If you have monies you would like to leave to people you care about but are worried about them squandering it, a trust fund could specify how the funds are distributed such as college education. The trust can also mete out the money gradually over time, rather than all at once, if you choose.
If you are married to your man, do you plan to combine your estates? For a couple, the first nearly 11 million is federal tax free. Each state determines state estate taxes, however.

You might consider making gifts before you die. Each person can give $14,000 per year to anyone they wish with no one paying taxes on it. That would be cash gifts or things like college, automobiles, etc.

This is an excellent idea, I didn't realize I could specify how the money was to be used.

Perhaps if you recall the places and people who gave you the help to get you where you are, and if those places and people still abide, then can they benefit from your largese?

I would definitely give something to my alma maters.

another excellent idea, i never made it to college but there are tons of schools where I grew up that could use some help. I like this.

Well, I have a very detailed will.....

And this is how it goes beyond all the shared property and bequests to my partner. After his death:

1. Our cats each get $10,000 per year until they die and their caregivers must produce valid proof each year that the cats are in good alive and in good health.

2. A conservation trust gets a fixed amount to care for our farm in perpetuity.

3. My sister gets a lump sum to travel.

4. My niece and nephew get first pick of all the artwork and furnishings etc. that belonged to my parents and grandparents etc. After that, my first cousins get their choice of anything they would like.

After that, everything is sold at auction with the proceeds divided between music programs at our local school and local animal shelter.

5. All of my cousins' grandchildren children get a lump sum to support them in school.

6. The Cat Shelter at Torre Argentina in Rome gets a lump sum.

7. The organization I serve as a director for that supports education in Tibet gets a lump sum.

8. The University of Guelph gets a bequest to establish a Chair in Feline medicine.

9. My niece and nephew, and their children share the residue.

wow...you have some great causes to help and your cats will be well cared for!

Donations like giving charity is at a time and place I choose, so don't forget that. You ought to choose what you'd like to do, say offer a full scholarship to one or more deserving young mind(s) in the department that you studied in. For me, that would be physics.

Since I also include high school and junior schools too, perhaps a donation for better equiptment the current intake could use and benefit from, as a former pupil there.

great idea as well. Thanks for all these great ideas, we have to make an appointment with an estate planning pro to figure what to do. Right now we have two homes and it looks like at least one more is on it's way and another is going to be co-owned with some relatives. I can't believe how these things are piling up. Don't get me wrong, it's great but it's a ton of work making sure everything is protected properly.

 

[TickTockMan]

I unfortunately don’t have an estate to leave anymore. After I got hurt I had to cash out and spend everything while fighting for disability. I was lucky I started saving so early in life. The money lasted for a few years.


My plan was to leave some to a friend and everything else would have went to a GLBT groups/charities, children’s hospitals and humane societies.

 

[Pianist]

... estate?

 

[Vannie]

Who will harvest the cabbage?

 

[Alnitak]

There is a trust for my niece after my debts are paid.