legal wills- what do you do?

Pathofthorns

/

Edited by - Pathofthorns on 3 December 2000 6:43:3

RedhorseWoman

Path, I've used this statement before....you don't need to play by their rules anymore.

Do what feels right to you. Just because your parents are brainwashed automatons and are listening to men rather than their hearts, it doesn't mean that you should, also.

If you feel that this would be the best thing to do, then leave your parents as beneficiaries. If, however, you find that the thought of them using the money for the WTBTS and it's magazine selling business to be repugnant, change it.

Perhaps the best option would be to split the beneficiaries, leaving a percentage to your parents and a percentage to your new "family".

I have a situation whereby my nephew has been totally abandoned by my sister and her ex-husband (long, sad story). I have my husband as primary beneficiary on insurance policies, and my daughter and nephew as secondary beneficiaries--with my daughter receiving 75% and my nephew 25%.

This might be a workable solution for you.

waiting

Hey Path,

I think there are two reasons for beneficiaries:

1. To help them after you die.

2. To put things in order before you die.

These things are in your mind, heart, and bank account. Red's suggestions are good ones. If you ever have wife & kids, the choice get easier.

My husband was telling me about J. Paul Getty, the billionaire. Left about $500,000 to each person (many wives and kids). Left all the rest of the billions to a museum he set up - but never actually visited. The concensus was that his family really p*ssed him off.

His money - did what he wanted.

John Grisham has a new book out called The Testament - about families & wills and p*ssing everybody off. Going to read it this weekend.

Btw, since my husband & I figured out that we are going to get old, we decided we'd best look to our retirement fund - which is totally lacking thereof in actual cash.

My son, in law school, is always grubbing me for money (bless his heart - make a good lawyer). I told him he'd better let me save a little or when I get old, I'll be his to take care of. The choice was his....

He squinted his eyes at me - and told me to save my money. (I don't think the idea of me living with his future family appealed to him....)

First time I could actually talk him out of asking for money! That's really not a compliment for his feelings for me, in retrospect. Man, you gotta love your family, eh, Path?

Motherly Waiting

Kismet

Hey ya punk assed kid! smirk!!

We can discuss it more over those beers we have yet to have (my fault - sorry), but here a couple of things to consider.

First a guy your age probably doesn't have much equity built up for yourself (YET!!) so if you put as your beneficiary "estate" that money will go towards all funeral costs, probating of Wills, etc. I am presuming of course that you are not carrying excessive amounts of coverage. Keep in mind that the average funeral costs between $6-16,000 Cdn the average insurance policy held by people in their 20's (unless in a high risk profession or are good financial planners) barely covers those costs.

I think it is great that you are concerned for your parents and family. But as the others have mentioned it is your money and it has been their decision to cut you off. The ultimate decision is yours and there is no obligation on your part to give them anything. Be aware however that should you not have a Will and the Policy is in yourparent's name you will still die intestate (without instructions for your estate). Under such situations an unmarried guy with no kids will have his entire estate turned over to his parents (at least in our Province).

So the rest of my comments are more about options for making your wishes known since we know it is completely up to you how, where and to whom your estate is divided - I'll give you my full legal name for insertion accordingly -

By listing your estate as beneficiary you can then use the remaining amount to be distributed according to your bequests mentioned in your Will. So of course that means if you haven't already done so, write one. Canadian courts have recognized handwritten signed dated Wills to be legal and binding. They don't have to be done by a lawyer but if you feel fights or possible litigation would arise from your estate it is better to get it done professionally.

The other possibility, if you feel you will have the equity to cover funeral costs through other means, list a charity (great tax benefits to your estate as a result) as the beneficiary. If you do so it is a kindness on your part to notify the charity that you have named them so they are aware of it and can follow up as needed to make sure your requests are honoured.

Death can be a 'grave' topic that some people are just dieing to talk about. (Sorry it was getting too serious had to lighten it up a bit.) But it is important to take care of these loose ends before the unthinkable happens. It is better for you and for all left after we go.

I commend you for even thinking about this. As a single person it isn't as pressing but soon as one gets married and especially when they have kids it is somehting that is imperative to get done and update whenever a significant change happens.

Kismet - taking off the paralegal hat and putting the party hat on ready for the weekend!!!

Edited by - Kismet on 25 August 2000 9:32:58

waiting

Hey Path,

Hey ya punk assed kid! smirk!!

I like that salutation. Can we keep referring to you like that (the ones who already don't)?

We can just smirk silently, if you wish.

waiting with a smirk

RedhorseWoman

Just a comment on Kismet's post. Unless things are very different in Canada, an insurance policy is outside the bounds of a will. I was executor for my parents' estate, and the insurance policies were not included as part of the estate.

The beneficiary listed on the policy is the one who gets the proceeds from the policy regardless of how a will is made, or whether there is, in fact, a will at all.

waiting

Hey Red,

That's what I've been told also.

waiting

Pathofthorns

.

Edited by - Pathofthorns on 3 December 2000 6:42:30

waiting

You Punkass!!!!!

SNAP OUT OF IT!!!!! You'll outlive all of us and you're welcome to do an Irish jig on my grave!!!

I'm gonna have everybody drunk at my funeral and have the local joint serve scads of pizza - my boys will be so happy!!!!!

What a way to say Love Ya Guys!

And your welcome to join them, Path!

waiting

ps: everybodys welcome, btw.... I have my boys post pizza & beer time.

I swear, young people can be so dramatic - wait till you get married - your wife'll snap you back - you'll owe too damn much money!

Pathofthorns

thanks waiting

i guess i should snap out of the melodramatic stuff eh? lol

The pizza and beer thing sounds good, but that's like an everyday staple food around here.

Maybe you could cook something good before you knock off.

Path

legal wills- what do you do?

Share this