How to spend your legacy?

   / How to spend your legacy? #61  
My parents used to tell us "It's not your inheritance, it's our retirement."

I think that was sound advice. Make it on your own.

While it was nice to get a monetary gift from my father to split between my siblings after he passed, I'd have preferred if he'd have been able to stick around and spend it on himself.

:)
 
   / How to spend your legacy? #62  
   / How to spend your legacy? #63  
   / How to spend your legacy? #66  
I would find local charities that deal with issues important to you. Talk to their Executive Director about planned giving. Give some money while you are alive so you can see what they do with it.

Obviously you have to keep enough for yourself to live on for however long that is.

If you have more than that kind of money I would give it to charity while I was still alive so I could see the results. There are many find local charities out there that will use the money well to help work on whatever problem in society you think needs addressing.
 
   / How to spend your legacy? #67  
Most challenges against the validity of a will are unsuccessful.
My will has a clause that anyone who challenges it will be immediately disqualified from any settlement.

The lawyer who drew up my will recommended a trust given that it's a second marriage for both me and my wife, and we came into it with very unequal assets. I wanted to be able to provide for her should I go first, but not pass down to her kids (I have none, and not many surviving blood relatives). Some of this was covered in a pre-nup but not all.
 
   / How to spend your legacy? #68  
My wife and I have been talking about this topic recently. My brother passed away without a will, and it's been interesting to see who his friends where. Most of them want his stuff, but only one actually showed up to help out with getting everything in order. He is also the only one that didn't ask for anything.

Dealing with his estate has made us question what we to happen with our stuff. I don't have any kids, but my wife has 4. She has said more then once that kids are over rated. They are all OK, but none of them will do anything for anybody else. They all do the very minimum to get by, and then put all their energy into complaining and begging for handouts. We do not plan on leaving them anything. We also don't expect any of them to help us out if we need help with anything when we get older. We're on our own.

One of our passions in life is our dogs. We raise and show Akita's. Our biggest concern is that they will be taken care of after we pass away. As we get older, we will slow down with this, but there is always the concern that we might pass away before they do. We know of several people in the Akita world that would take care of them, so that's been a consideration. We also know of a young lady that would be a good fit to live here and take over the place once we are gone. We're not thrilled with her husband, but he might not be around for much longer and that strengthens her position to get everything. I know it's petty on our part, but he is lazy and jealous of her success from her hard work and constantly pushing herself. On several occasions he has gone out of his way to sabotage her for no other reason then to try to make himself look good. With him in the picture, it complicates what we want to do with our place.

Another option is the Akita Club of America. My wife is a Board Member and we are very active in supporting everything they do to help the breed. There are some truly horrible people out there and when law enforcement takes action, the Club steps in to find homes for those Akita's. We both believe that if they received our estate, they would do what's best for our dogs.

There is also hope that one or some of the grandkids will become people that we can become proud. In that, I'm saying that we would chose one or all of them to receive everything we have if they are successful, responsible, and honest. Unfortunately, our fear is that they will turn out like their parents and live their life's based on what they can get for nothing, and finding as much time as possible to play video games. It might be better if they where crack addicts. I think there is a chance of overcoming crack. Video Games seem to be more addictive!!!!

If we live long enough, we will eventually sell the farm, move somewhere else, and downsize. If that happens, we will have fewer dogs, fewer things that would need to be sold, and hopefully more cash in the bank that we're living off of. What's left will go to who we feel has done the best with their life, not the ones who want something for free and spend all their time making excuses for not working towards anything.
 
   / How to spend your legacy? #69  
In an intestate situation, the heirs would have to ask the court to fire them for cause. They will put forth some reason why it's taking so long. Two years isn't uncommon. The judge probably appointed them because they are his or her favorites anyway out of the lawyers that handle estates before that judge.

No estate plan is perfect. One of the risks is in thinking you still have time to change things. Once someone becomes mentally incapacitated, they may not be able to change their will even if they wanted to.

Spendthrifts are a bottomless pit. Doesn't matter how much they get because they will spend it all and then some.
Our state has a judicial conduct commission that citizens can contact for situations like this. One district court judge was just removed for letting files set on his desk and not getting hearings scheduled. AKA, lazy.

My wife was the chair person on this commission for two years. They investigated every complaint no matter how trivial. The commission can only recommend to the supreme courts a lawyer or judge to be given a warning, suspended or their license removed. The Supreme Court took it from there.

Lawyers and judges can get spanked for that crap. Use the system. It works.
 
   / How to spend your legacy? #70  
2 years to administer an intestate estate is not uncommon. The fact that a judge has his favs in and of itself is not enough to invoke discipline. This could be avoided by spending a few hundred to have a will written by a competent attorney.
 
 
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