What would you do with savings and had no one that will inherit it?

Colleen

Colleen

Senior Member
Location
Pennsylvania
I've been debating with myself since my husband died what I should do with our savings. Some of you know my background and know that I don't have anyone that will inherit it. I have designated in my will several charities but I didn't designate the full amount that's in the savings.

I've looked into selling this house and downsizing or possibly relocating (ugh!) back to my hometown in another state where I have a couple cousins left, but the way the housing market and interest rates are now, I'm reluctant to do that. Renting is a big NO for me and there are no affordable condos in my area.

So, if I stay in my home, should I just go ahead and put in new flooring throughout the house even though I know it's another expense that added on to what we've already put in the house, we won't recover? I'd be doing it for myself not for profit.

I've read where you should spend your money, especially if you don't have anyone to leave it to, and enjoy it. I know I'm not going to take it with me, right?

I'm 77 and not really old (yet) but why would I hang on to it all when I can afford to make some improvements in the house even though I won't see those profits from it (most likely). Suggestions, please :)
 

While my wife and I have 5 adult kids, I've often thought about your question.

What I keep coming back to is the numerous young (we are 76 & 80) folks that are so nice to us - like our yard crew, and restaurant staff. We go out to lunch 6 days a week and have gotten to know several of the staff pretty well. And while it is "part of their job" to be nice to customers, many are obviously very sincere, and I'm sure could use a gift.

So Colleen, I would look around the folks you interface with on a regular basis, and I'll bet you could come up with a few that would be deserving of your generosity.
 

Mobilman44 said:
While my wife and I have 5 adult kids, I've often thought about your question.

What I keep coming back to is the numerous young (we are 76 & 80) folks that are so nice to us - like our yard crew, and restaurant staff. We go out to lunch 6 days a week and have gotten to know several of the staff pretty well. And while it is "part of their job" to be nice to customers, many are obviously very sincere, and I'm sure could use a gift.

So Colleen, I would look around the folks you interface with on a regular basis, and I'll bet you could come up with a few that would be deserving of your generosity.
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I have designated special friends in my will along with many local charities. Whenever I have any work done for me at the house, I always give a little more then what their bill is as a token thank you.

I talking about the remainder that isn't designated to anyone. Should I spend it on myself? I guess I feel guilty since it took so long to accumulate it. I've become very frugal in my "old age"...haha.
 
dilettante said:
Setting aside the issues of sharing it with the deserving, remodeling and upgrades you'll enjoy sound reasonable. Depending on your interests and inclinations you might also invest in creating or improving things like a wood shop, crafting den, etc.
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Not sure what you mean. I don't do woodworking but I do have a sewing room because I make quilts and other sewing projects.
 
Instead of fixing the large house that you have to deal with, have you considered moving into a higher end condo with no maintenance. Is it worth the aggravation of dealing with contractors in your present house?
 
Colleen said:
Not sure what you mean. I don't do woodworking but I do have a sewing room because I make quilts and other sewing projects.
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Well, perhaps some upgrades? Nice storage, new equipment for sewing-related operations, improved natural lighting from an enlarged window and/or new overhead lights and fixtures. There must be a lot of stories out there on the 'net showing fantasy sewing rooms you could steal ideas from.
 
Do you have a lawyer or financial advisor that you can trust ? If so, I would get with them to see what they have to say. You might get some input from them that you had not considered.

With that being said, while I wouldn't suggest that your splurge all your money away, have you considered taking a trip to a place you have always wanted to go ?
 
If I understand you, what you are asking is what to do with the excess amount you expect to have left over after the designated amount is in place for distribution.

Spend it on yourself for something you have always wanted to do but never got around to doing. At 77 why deny yourself that pleasure?
 
Knight said:
If I understand you, what you are asking is what to do with the excess amount you expect to have left over after the designated amount is in place for distribution.

Spend it on yourself for something you have always wanted to do but never got around to doing. At 77 why deny yourself that pleasure?
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Bingo! That is exactly what I was asking :) I guess I'm feeling guilty for spending it on what I want. I was brought up with frugal parents and I'm the same way...haha. Thanks :)
 
Jules said:
Instead of fixing the large house that you have to deal with, have you considered moving into a higher end condo with no maintenance. Is it worth the aggravation of dealing with contractors in your present house?
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I think she said there were no affordable condos in her area. (I know there aren't around here; after that fire near here about 6 years ago, all the condos doubled or tripled in price; even some of the just-halfway-decent ones cost almost as much as a single-family home.)
 
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Colleen said:
I've been debating with myself since my husband died what I should do with our savings. Some of you know my background and know that I don't have anyone that will inherit it. I have designated in my will several charities but I didn't designate the full amount that's in the savings.

I've looked into selling this house and downsizing or possibly relocating (ugh!) back to my hometown in another state where I have a couple cousins left, but the way the housing market and interest rates are now, I'm reluctant to do that. Renting is a big NO for me and there are no affordable condos in my area.

So, if I stay in my home, should I just go ahead and put in new flooring throughout the house even though I know it's another expense that added on to what we've already put in the house, we won't recover? I'd be doing it for myself not for profit.

I've read where you should spend your money, especially if you don't have anyone to leave it to, and enjoy it. I know I'm not going to take it with me, right?

I'm 77 and not really old (yet) but why would I hang on to it all when I can afford to make some improvements in the house even though I won't see those profits from it (most likely). Suggestions, please :)
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For me, the floors would depend on how much I hate them. If I only dislike them and can cover them with nice area rugs, I probably would not get them done because then you have the JOY of trying to find a good flooring place!!!

That's always fun - trying to find a good and honest contractor. (Apologies to the good tech people out there. I have known of a few, but I've also known some real stinkers.)

I would leave it to a U.S. charity for the homeless. That's easy. Or to a global charity like OxFam or the Red Cross. There is so much poverty and war around the world. We're whining about the price of a Big Mac meal and there's literally people starving in Gaza. (Good on the U.S. for building the pier to get food to them.)
 
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I understand that this is money separate from what you have included in your Will so, even better to enjoy it. If there are changes in your home which would make you happy, have them done. If it is a holiday, book it now. Whatever it is that would make you smile, do it :)
 
Sounds like you have two issues: 1. what to do with savings currently and 2. what to do with savings after death (beneficiaries). I would draw up a budget and see what you need to live on comfortably and align your investments with that goal. After that, I'd look at the assets and decide what percentage you want to leave to your heirs. Maybe look into what is close to your heart in terms of charities and religious organizations. Maybe you have close friends or extended family members you would like to leave something to after death. Assets can be divided with very specific bequests in a will. For example, a special piece of jewelry or art object, etc.

I may have misunderstood your question but hope this helps a bit.
 
C50 said:
Consider yourself your own heir, and spend your money on yourself. Stop analyzing the house as an investment, instead look at it as your sanctuary from the world and make it as nice as you can afford.
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Thank you for confirming what I've decided. I was feeling guilty about spending money on what makes me happy. Right now that's replacing the ugly, old carpet in the house. We had planned to do it anyway but I put everything on hold because I wasn't sure if I was staying here or not. Now, I've decided to stay in "our" home and make it more lovely. We spent a lot of money remodeling and it's not the same house as when we moved in. We made it our own.

I love that you said, "stop analyzing the house as an investment, instead look at it as your sanctuary from the world.....". Thank you. It is my sanctuary.
 

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