We have a close friend who we have named, along with many other people and entities, as a beneficiary in our will. If we died today she would get about $200,000.
We have also named her as one of the people to act to settle our estate, but she is third down the line. It is highly unlikely she would ever have to take action because there are people in front of her. I have mentioned this briefly to her, that she is named in the taking action part.
My real dilemma is whether I should mention her "inheriting" from us. For one thing, she is a few years older than us. For another thing, she may move across the country and if we lose touch, I might delete her as a beneficiary in a few years.
Our attorney suggests that we tell everyone their roles in our estate and why we made decisions about beneficiaries.
I have no problem talking openly and honestly with our siblings and another friend named in the will because they are all reasonable about money. The friend who is the subject of this post is not good with money, and thats why I have named her in our will. She spends money ridiculously. I am afraid that if she gets a hint that there may he money coming her way, she will count on it in her mind. I watched her do that with her mother's money, and she blew through that, about $350,000 plus an extra $100,000 she got from real estate that year.
She has not slowed down her spending.
It is HIGHLY unlikely she will get money from us but I do want to leave her something if we die suddenly because she will need it. The $200,000 she would inherit from us today is about equal to her retirement savings. She doesnt have much in the bank.
I am really leaning to NOT telling her any of this, despite the suggestion of our attorney.
What do you all think?