Menu

What to do with assets if there are no family survivors?

Home Estate Planning What to do with assets if there are no family survivors?

  • Avatar bean1970 
    Participant
    Status: Physician
    Posts: 550
    Joined: 07/12/2017

    it is not only that you all perish at once, but outlive successor heirs. Both my great-grandparents outlived both their children for instance (my grandmother died at age 40 (colon cancer) and my great uncle age 33 (leukemia, likely naval WWII occupational exposure related). This stuff happens…..

    ours is written it all goes to the local humane society shelter. All of it. just easy….i had debated PBS…i always wanted to be that family mentioned  at the end of a documentary… “and brought to you by the …..crazy family trust……”

     

    #150499 Reply
    Avatar Roentgen 
    Participant
    Status: Physician
    Posts: 75
    Joined: 03/02/2018

    Just went through the whole estate planning document refresh this past year – what a pain.  We also stalled out on the question of “what if we all die as a family simultaneously in a car wreck – where does the money go?”  My parents and siblings are all fine financially, and as it turns out my close friends have rich parents, so it would be pointless and/or encourage destructive behaviors to leave it to family or close friends.  Ultimately, my wife and I decided where the money would go by answering the question “What people or organizations have had the biggest positive influence on my life, where if they hadn’t been in my life my life would have been clearly worse?” and then listing them as the remainder beneficiaries.  I think I listed one scholarship fund and two organizations that fundamentally changed the arc of my life for the better, and my wife came up with three or four people.

    As our attorney pointed out though, the chance of that particularly “simultaneous death/no living children” scenario is extremely remote.

    #150530 Reply
    Avatar Neuro-doc 
    Participant
    Status: Physician
    Posts: 177
    Joined: 02/16/2017

    We just signed our most recent wills and other estate documents last week.

    we listed one charity to receive our entire estate in the event of a whole family catastrophe. We didn’t give that clause too much thought, because now that our children are twenty-somethings, the chance of one incident wiping out our whole family is becoming less likely.

    The issue that caused us the greatest concern was how our kids should inherit our assets if both my wife and I were to die. We weren’t comfortable with twenty-somethings suddenly coming into multiple millions, and so we went with a 25 – 30 – 35 year old disbursement and some additional trust provisions.

    We were left with the impression that our wills are too complicated, and we hope that we will live another few years so that we can (a) spend a large portion of our estate while we are still alive, (b) hope that our children became financially mature enough that we can just leave our assets to them without involving complicated trusts etc, and (c) live long enough to rewrite simpler wills in another 10-15 years.

    #150655 Reply
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2629
    Joined: 05/07/2017

    We just signed our most recent wills and other estate documents last week.

    we listed one charity to receive our entire estate in the event of a whole family catastrophe. We didn’t give that clause too much thought, because now that our children are twenty-somethings, the chance of one incident wiping out our whole family is becoming less likely.

    The issue that caused us the greatest concern was how our kids should inherit our assets if both my wife and I were to die. We weren’t comfortable with twenty-somethings suddenly coming into multiple millions, and so we went with a 25 – 30 – 35 year old disbursement and some additional trust provisions.

    We were left with the impression that our wills are too complicated, and we hope that we will live another few years so that we can (a) spend a large portion of our estate while we are still alive, (b) hope that our children became financially mature enough that we can just leave our assets to them without involving complicated trusts etc, and (c) live long enough to rewrite simpler wills in another 10-15 years.

    Click to expand…

    That’s how my will is set up.  Who gave you the idea it was too complicated?

    #150675 Reply

Reply To: What to do with assets if there are no family survivors?

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear