Passing on the stash

[Lordy]

Dear all,

today I have done a very grown up thing: I wrote my (first) testament.

Although I am "only" 36 right now, I know that life can take unexpected turns and so I prepared a "just in case" folder.
This folder contains information on my bank accounts, insurances, contracts, etc as well as a testament.

Given that I don't have kids (and don't really want one), there is no clear choice on where my stash should go.
As my father has sadly already passed away, I declared my mother as my heir. However, if she is no longer around
when this folder is opened, I put in one of my cousins as the heir. Given that he is only 5 years younger than me and
also has no kids, I am a bit afraid that this might be a "dead end" as well and I want to avoid it going to the state.

If you don't have any direct family, whom did you pick as your heir?
Do you know any organizations that would be worthy of receiving your stash?

Kind regards,
  Lordy

 

[Hotstreak]

Your cousin will probably live for 50+ more years.  No need to change your will until you are both much older.  After all, if you drop dead tomorrow, your cousin will almost certainly be alive a long, long time to enjoy your money.


If you want to find somewhere to donate to, figure out what charity you like and write them in.

[historienne]

I would give it to a charity.  My personal choice would be the Against Malaria Foundation (I put a lot of stock in the Give Well ratings).

[RetiredAt63]

Wills are normally rewritten as circumstances change.  So you are not locked in.

What matters most to you?  Send your money there.

[arebelspy]

I would give it to a charity.

+1.  All of our stache is going to charity, zero to inheritance.

Unless one of our children is unable to take care of themselves (say, a mental handicap or something), in which case a trust will be set up to take care of them, and then go to charity after they pass on.  This scenario is unlikely, but the only reason why it wouldn't go directly to charity that I have been able to figure.

[boarder42]

I would give it to a charity.

+1.  All of our stache is going to charity, zero to inheritance.

Unless one of our children is unable to take care of themselves (say, a mental handicap or something), in which case a trust will be set up to take care of them, and then go to charity after they pass on.  This scenario is unlikely, but the only reason why it wouldn't go directly to charity that I have been able to figure.

but you could take your millions and create the next donald.  thats my dream for my future son.

[GuitarStv]

I would give it to a charity.

+1.  All of our stache is going to charity, zero to inheritance.

Unless one of our children is unable to take care of themselves (say, a mental handicap or something), in which case a trust will be set up to take care of them, and then go to charity after they pass on.  This scenario is unlikely, but the only reason why it wouldn't go directly to charity that I have been able to figure.

My first thought upon reading this is, hmm.  Kinda a dick move to the kids.  Then my second thought is, hmm.  How would I feel if my parents left me nothing?  I'm not really expecting anything, so it really wouldn't matter too much to me.

It kinda makes me think that is the best way to go.

[arebelspy]

I would give it to a charity.

+1.  All of our stache is going to charity, zero to inheritance.

Unless one of our children is unable to take care of themselves (say, a mental handicap or something), in which case a trust will be set up to take care of them, and then go to charity after they pass on.  This scenario is unlikely, but the only reason why it wouldn't go directly to charity that I have been able to figure.

but you could take your millions and create the next donald.  thats my dream for my future son.

lol.  A noble goal.

[arebelspy]

I would give it to a charity.

+1.  All of our stache is going to charity, zero to inheritance.

Unless one of our children is unable to take care of themselves (say, a mental handicap or something), in which case a trust will be set up to take care of them, and then go to charity after they pass on.  This scenario is unlikely, but the only reason why it wouldn't go directly to charity that I have been able to figure.

My first thought upon reading this is, hmm.  Kinda a dick move to the kids.  Then my second thought is, hmm.  How would I feel if my parents left me nothing?  I'm not really expecting anything, so it really wouldn't matter too much to me.

It kinda makes me think that is the best way to go.

They'll know all along this is the plan.  And, if we've done it right, they won't need, or want it.  Especially if we show them all along the way charitable giving, and how we can help others.

I'd hope that would negate the "dick move" part of it.  But if my kids, when I die, make their decision of me based on whether or not I left them money, and not based on the decades of our relationship together, then I don't suppose they'd deserve the money anyways.  And they may think I'm a dick at that point, but the many lives that might be made better with that contribution probably won't.   But like I said, I don't think they'll think that, at all.

If my parents give us nothing, and donate it all to charities they think are worthwhile, I'd be thrilled.

In fact, I think I may mention that to them.

[boarder42]

I would give it to a charity.

+1.  All of our stache is going to charity, zero to inheritance.

Unless one of our children is unable to take care of themselves (say, a mental handicap or something), in which case a trust will be set up to take care of them, and then go to charity after they pass on.  This scenario is unlikely, but the only reason why it wouldn't go directly to charity that I have been able to figure.

My first thought upon reading this is, hmm.  Kinda a dick move to the kids.  Then my second thought is, hmm.  How would I feel if my parents left me nothing?  I'm not really expecting anything, so it really wouldn't matter too much to me.

It kinda makes me think that is the best way to go.

They'll know all along this is the plan.  And, if we've done it right, they won't need, or want it.  Especially if we show them all along the way charitable giving, and how we can help others.

I'd hope that would negate the "dick move" part of it.  But if my kids, when I die, make their decision of me based on whether or not I left them money, and not based on the decades of our relationship together, then I don't suppose they'd deserve the money anyways.  And they may think I'm a dick at that point, but the many lives that might be made better with that contribution probably won't.   But like I said, I don't think they'll think that, at all.

If my parents give us nothing, and donate it all to charities they think are worthwhile, I'd be thrilled.

In fact, I think I may mention that to them.

if a mustachian raises their children well they should be independent and FIREd long before they die.  My parents are transferring wealth to us thru gifts at the end of each year.  will it help us reach FIRE faster you bet! ... do we really need it.  no... but they already give tons to charity on top of that.  we will be setting up scholarship funds etc. with our monies most likely ... our children should be living the FIREd life if they choose it long before we croak and could leave them anything.

[trek240]

Personally I'm planning on spending my money before I die. I don't have dependents, so no one really needs my money. Any left over will be donated to a charity.

[shelivesthedream]

They'll know all along this is the plan.  And, if we've done it right, they won't need, or want it.  Especially if we show them all along the way charitable giving, and how we can help others.

I'd hope that would negate the "dick move" part of it.  But if my kids, when I die, make their decision of me based on whether or not I left them money, and not based on the decades of our relationship together, then I don't suppose they'd deserve the money anyways.  And they may think I'm a dick at that point, but the many lives that might be made better with that contribution probably won't.   But like I said, I don't think they'll think that, at all.

If my parents give us nothing, and donate it all to charities they think are worthwhile, I'd be thrilled.

In fact, I think I may mention that to them.

I've read you talking about not leaving anything to your children before. I used to think it was really mean, but I'm coming round to your way of thinking somewhat. I think inheriting on the death of your parents is a bit silly. Odds on you either won't need the money by then, or you'll be the kind of person who will piss it away anyway.

However, I personally would seriously consider skipping a generation with inheritance and leaving money to grandchildren (or even great-grandchildren!) so they can use it to pay for university or buy a house or whatever while they're young and it could make a huge difference to their lives. I've mulled over making some kind of family educational trust, though I haven't hashed out any details. I do like the idea of giving a leg up to my future progeny at a crucial time in their life. It's been such a boon to me to have graduated without significant student loan debt and to have a financial cushion of savings in my name built up by my parents over the first 18 years of my life. However, depending on the size of my stash when I'm old, I certainly wouldn't want to leave them 'silly money'. Maybe £30,000 in today-pounds when they reach 21 or 25. The rest would go to charity, to help people who really need it.

[Proud Foot]

They'll know all along this is the plan.  And, if we've done it right, they won't need, or want it.  Especially if we show them all along the way charitable giving, and how we can help others.

I'd hope that would negate the "dick move" part of it.  But if my kids, when I die, make their decision of me based on whether or not I left them money, and not based on the decades of our relationship together, then I don't suppose they'd deserve the money anyways.  And they may think I'm a dick at that point, but the many lives that might be made better with that contribution probably won't.   But like I said, I don't think they'll think that, at all.

If my parents give us nothing, and donate it all to charities they think are worthwhile, I'd be thrilled.

In fact, I think I may mention that to them.

The only way I see this as a "dick move" is if you do not let them know you are doing this beforehand.  And if they decide its a dick move once you pass away and they don't receive anything, well you're already dead.

[frugaliknowit]

You say you "declare" your mother as heir...?  As in a will or informally?

If you die without a will, you die "intestate".  The state where you live has certain rules about who is "next of kin" which will deteremine who gets your money (in the abscense of your providing a beneficiary on certain accounts which would override any will or the state determined "next of kin").

If you want your money to go to charity, I believe you need a will to declare that, but I am not an attorney.  Have you spoken to your mother about this?

[nobody123]

The only way I see this as a "dick move" is if you do not let them know you are doing this beforehand.  And if they decide its a dick move once you pass away and they don't receive anything, well you're already dead.

+1000.  If you haven't discussed it as a family, I could see the kids thinking that mommy and daddy love the starving Ethernopians more than their own children.  Hopefully I won't die anytime soon and my kids will understand that they shouldn't make life plans based on the hope that I'll be leaving them a pile of cash at some random point in the future.  It's my money and I'll do what I want with it.  If my kids don't understand that in spite of my attempts to make them solid human beings, then so be it.

Personally, I want to leave my kids something, hopefully enough to pay for their kids' college, so they can save to pay for their grandkids' college, and so on.  I'll be dead and obviously won't be able to ensure that that is what they spend the money on, but I would hope they'd honor my request.

[arebelspy]

I've read you talking about not leaving anything to your children before. I used to think it was really mean, but I'm coming round to your way of thinking somewhat. I think inheriting on the death of your parents is a bit silly. Odds on you either won't need the money by then, or you'll be the kind of person who will piss it away anyway.

However, I personally would seriously consider skipping a generation with inheritance and leaving money to grandchildren (or even great-grandchildren!)

If you've done it right with your kids, then they'll have done it right with their kids, and again, won't need it.

I also think most financial "help" is harmful, especially to people who don't need it (i.e. need motivation more than money).

But the difference it can make in someone's life between getting malaria, or starving, or not being able to read, and my grandchild, who will already have all the benefits in the world getting... a car?  Or some of their college paid for?  I can't weigh them anywhere close to similar, personally.

Everyone should do what they feel is best, of course, but for me it's pretty clear there's no reason anyone within my lineage--short of some incapability to care for themselves--should get any money or benefits beyond all the many, many legs up they'll have to start with.

[Vagabond76]

but you could take your millions and create the next donald.  thats my dream for my future son.

+1

None to the charity, and estate taxes are largely optional. My kids are 12, 13, and 15 and each are half-millionaires. If I get hit by a bus then they all become multi-millionaires.

[CestMoi]

I like the idea of leaving money to help individuals (or abused, abandoned animals, endangered species) who can't really help themselves, the vulnerable of the world.

[RFAAOATB]

Why not just give money to the government?  Do your part to reduce the national debt.  Perhaps if more people did that instead of niche charities then there would be more funds for SNAP and TANF benefits along with other things.

Both charity and the government are in the business of improving their domain.  I tend to think that charity is either really niche or a scam that exists because the government is not able to do its job effectively.  If the government had more resources and did its job effectively, most charities should not exist.

That being said if you insist on a charity how about http://projectprevention.org/ which pays money to drug addicts that agree to long term birth control or sterilization.  Of course I fully intend to leave a mountain of money to my heirs taxes or charity be damned.