The Money Mustache Community

Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Lou on September 01, 2014, 02:15:42 PM

Title: What will happen to the 'stache???
Post by: Lou on September 01, 2014, 02:15:42 PM
Hello,

Very long time reader, first time poster. I am young, 27, and this question doesn't have any immediate implications for myself, but I have been tinkering with a question in the back of my mind for 2-3 weeks now with no satisfactory conclusion, and have decided its time to ask the Mustachian world.

What is the plan for all of the cash when you pass on ???

MMM seems to have enough that his son wouldn't have to probably ever work, if he kept up his father's lifestyle. But passing on all of that cash and not requiring his son to work for his own FI/RE just feels... anti-mustachian.

Is the answer to donate it to a good cause? Pass it on to people who may blow it anyways? Help family members? Give it to kids and hope for the best?

Thanks,

Lou
Title: Re: What will happen to the 'stache???
Post by: DrSweden on September 01, 2014, 02:36:16 PM
I will pass it on to my children. Since I had my two children when I was 28 and 29 I will likely live for many more years. I think the most important thing is not to spoil the children and give them money. If they then happen to receive a lot of money in their 50-60's the will hopefully be mustachians themselves and not really need the money. I grew up with very mustachian parents and it rubs off.

In the book "The millionaire next door" they discuss this subject and it is very eye opening reading.
Title: Re: What will happen to the 'stache???
Post by: Loretta on September 01, 2014, 02:45:14 PM
Excellent question.  I have no dependents and no siblings.  I currently have a will with everything going to my parents. 
Title: Re: What will happen to the 'stache???
Post by: DragonSlayer on September 01, 2014, 03:35:37 PM
With no kids, everything will either pass to my parents (if they're still alive), or to a raft of charities, if not. I have a brother and sister in law and two nephews, but I cannot imagine leaving anything to them. They are the most anti-mustachian people I know and it wouldn't take them a year, probably, to blow the stache. I might consider leaving some in some sort of scholarship fund for the kids that they can only touch for college expenses, but I seriously doubt that either will go to college at all.
Title: Re: What will happen to the 'stache???
Post by: boarder42 on September 01, 2014, 03:51:44 PM
My plan if we have kids or not is to leave the cash to a charity. If there is enough a scholarship fund for students from my small town HS attending the college I went to.
Title: Re: What will happen to the 'stache???
Post by: arebelspy on September 07, 2014, 08:03:45 PM
If we die before kid(s) are 18, it will go into a trust to provide for them until then, then it will go to charity.  If we die after they're 18, it'll skip the first step.
Title: Re: What will happen to the 'stache???
Post by: MsRichLife on September 07, 2014, 08:10:49 PM
We have just updated our wills. If DH and I both die, the giant stash goes into trust for the boy's expenses until he's 25, and then he gets the lot. It will be worth a lot by then, so probably akin to winning the lottery! :(

Guardianship of the boy is with my SIL (unmustachian), but control of the trust money is with my dear friend who I hope would impart enough financial wisdom upon the boy before he gets the money.

He's only 2 at the moment, so I hate to think about it.
Title: Re: What will happen to the 'stache???
Post by: mozar on September 07, 2014, 08:19:05 PM
Until I have children, my half sister will get it. She's only 4 though. If I live a long time and have accumulated a lot I want to give it to public radio.