Your rich uncle dies leaving you 27 cats.

[fuzzybuddy]

I have a will that leaves my vast financial empire to my brother and some other relatives. I have to update my will. And that is a problem, I'm almost 80, and my brother is 70. He's not all that great about money matters. Plus, he lives in another state, 250 miles away. I really don't want to get a lawyer involved with a trust or something, because whatever I do leave will be eaten up with fees. I'd like to leave my brother with something a little better than a coupon for a McDonalds Big Mac. My problem is how to leave my brother something without it being a burden for him? It's kind of like getting stuck with an inheritance of 27 cats.

 

[Twostep]

Can you talk it over with the executor of your estate and your banker? If brother is cooperating you can set a checking account as Fuzzy OR brother and it will not fall into your estate.

 

[Lawrence00]

There's always this idea.

 

[Aunt Bea]

What you leave him is on you, how he handles it is on him.

 

[MACKTEXAS]

You mentioned you don't want to get a lawyer because your estate will be eaten up with fees. My Will cost $200 some years ago. It's probably more today, but not that much. When my wife died 11 years ago, my probate fees were $1200. Probate fees might be more when the estate goes to a brother - I don't know - but I just read that the average probate fees today for a simple, uncontested Will are 3-7% of the estate. So some of your estate would go for fees, but it shouldn't be "eaten up" with fees.

After my wife died, the first thing I did was to set up a fully prepaid contract with the funeral home with all my final wishes spelled out, because the funeral home where I live expects payment in full up front before they do anything, and the heir(s) may not have the money.

Next, I went to a local attorney and had a regular Will done, leaving everything to my cousin, and named him Executor. I had 3 originals done and put them in 3 places: one in my home (and I told my cousin where it can be found) one in my safe deposit box, and one is on file at the attorney's office. I did not file my Will with the County, because that makes it public knowledge, and I did not give an original or a copy to my cousin, because life circumstances can change, and I may some day want to make a new Will, leaving everything to someone else.

If your brother is unable or unwilling to serve as Executor, someone else can be named Executor, but provisions for their fee should be included in the Will.

Then I went to the bank and had certain accounts made POD (payable on death) to my cousin, but not all accounts. This will enable my cousin to get some money from my accounts to take pay probate expenses, house and utility expenses, etc., while settling the estate.

But to get the balance of my funds on deposit, he will have to go through probate because those accounts are sole ownership accounts. The attorney told me it's not uncommon after a death for some heirs to clear out every POD bank account, then just walk off and leave the house and contents, etc., so they don't have to bother with anything.

 

[Della]

All great ideas from Mack. We did something similar for our son, making him joint owner on our house and bank accounts, although he isn't aware of that now.

When my brother died a few years ago he made a will leaving his house, all contents and all his money to his faithful, live-in girlfriend. He and I talked about it and thought that was best. She was a sweetheart who helped him through his cancer.

However, he also wanted to leave something to his very first girlfriend from back in their hippie days, so he took out a life insurance policy of ten thousand with her as the sole beneficiary, payable straight to her upon his death with no need to pass through an executor. This might be an idea for Fuzzy's brother.

 

[Jules]

You just never know how the other person who is joint on your bank accounts or home will react. Lawyers are recommending to not do this now.

The other day I spent 45 minutes at the bank. A younger woman was arguing with the staff that she wanted the money from the bank account before her mother “croaked” and it was tied up. Wow. She was smiling when I left the bank so I guess she got it.

A side note on this - the folks standing in lines that are too close to the tellers if everything can be overheard.

 

[Twostep]

All great ideas from Mack. We did something similar for our son, making him joint owner on our house and bank accounts, although he isn't aware of that now.

When my brother died a few years ago he made a will leaving his house, all contents and all his money to his faithful, live-in girlfriend. He and I talked about it and thought that was best. She was a sweetheart who helped him through his cancer.

However, he also wanted to leave something to his very first girlfriend from back in their hippie days, so he took out a life insurance policy of ten thousand with her as the sole beneficiary, payable straight to her upon his death with no need to pass through an executor. This might be an idea for Fuzzy's brother.

Double check on taxes please.

 

[Tommy]

A simple revocable trust costs around $2500 here. Designate yourself as the Trustee and your brother as the Successor Trustee. List all beneficiaries and what each is to receive upon your death. Transfer ownership of your house(s), vehicle(s), and any other real property to the trust. Bank accounts can be made Payable on Death (POD) or put into the name of the trust. Investment accounts transfer directly to the designated beneficiaries bypassing probate. The attorney who sets up your trust will come up with the correct wording and explain it all to you.

When you die, the trust automatically goes into effect. No muss, no fuss, no probate. As Successor Trustee, your brother will automatically be empowered to, and responsible for distributing your assets to the other beneficiaries as directed.

 

[dilettante]

Well, there's nothing like a sack of gold coins.

 

[Lavinia]

I wouldn't object to being left 27 cats, but I would insist on being left an extra large house to accommodate them and me.

 

[Jackie23]

You mentioned you don't want to get a lawyer because your estate will be eaten up with fees. My Will cost $200 some years ago. It's probably more today, but not that much. When my wife died 11 years ago, my probate fees were $1200. Probate fees might be more when the estate goes to a brother - I don't know - but I just read that the average probate fees today for a simple, uncontested Will are 3-7% of the estate. So some of your estate would go for fees, but it shouldn't be "eaten up" with fees.

After my wife died, the first thing I did was to set up a fully prepaid contract with the funeral home with all my final wishes spelled out, because the funeral home where I live expects payment in full up front before they do anything, and the heir(s) may not have the money.

Next, I went to a local attorney and had a regular Will done, leaving everything to my cousin, and named him Executor. I had 3 originals done and put them in 3 places: one in my home (and I told my cousin where it can be found) one in my safe deposit box, and one is on file at the attorney's office. I did not file my Will with the County, because that makes it public knowledge, and I did not give an original or a copy to my cousin, because life circumstances can change, and I may some day want to make a new Will, leaving everything to someone else.

If your brother is unable or unwilling to serve as Executor, someone else can be named Executor, but provisions for their fee should be included in the Will.

Then I went to the bank and had certain accounts made POD (payable on death) to my cousin, but not all accounts. This will enable my cousin to get some money from my accounts to take pay probate expenses, house and utility expenses, etc., while settling the estate.

But to get the balance of my funds on deposit, he will have to go through probate because those accounts are sole ownership accounts. The attorney told me it's not uncommon after a death for some heirs to clear out every POD bank account, then just walk off and leave the house and contents, etc., so they don't have to bother with anything.

I have done the same except the prepaid funeral, they know what I want regarding a funeral and the funds are there to pay for it. I've also wrote on the file folders of all my accounts any information they'll need to close each one, I'm trying to make it easy for them with my notes, I'm sure they'll have a laugh about mom's instructions...

 

[Della]

I wouldn't object to being left 27 cats, but I would insist on being left an extra large house to accommodate them and me.

It would be a small house for me and a large yard for the cats. I love cats but the kitty-litter work is too much for me now.

Also, Dilettante's sack of gold coins sounds nice.

 

[Elsie]

Anyone see the old Twilight Zone episode where a woman took care of, did everything the rich old bossy, ornery, pain-in-the-neck man owner of an estate required of her, hoping by suffering through bearing it all would get her his estate? Well he did will it to her, -- along with a robot/android? with his bossy, etc. personality & voice exactly like his that, in order to keep the estate, she was not allowed to dispose of. Episode ended with her in shocked despair.

 

[Lavinia]

It would be a small house for me and a large yard for the cats. I love cats but the kitty-litter work is too much for me now.

Also, Dilettante's sack of gold coins sounds nice.

But pussy cats love to curl up by the fire. They belong indoors.

 

[Lawrence00]

I wouldn't object to being left 27 cats, but I would insist on being left an extra large house to accommodate them and me.

Yeah, Enya has a castle and has only 12.

 

[Remy]

As long as I was left with plenty of money, I'd buy a house, have a deluxe catio built and I'd be good with all those cats.

 

[Oldeagle66]

I wouldn't object to being left 27 cats, but I would insist on being left an extra large house to accommodate them and me.

I wouldn't touch that situation at all. No money is worth it.

 

[Oldeagle66]

I have been left money and property in the past by relatives and wouldn't even answer the lawyers letters for some of them. If I felt there were debts and out of pocket expenses I wouldn't engage. I was always right when the lawyers got angry and tried pressing to sign anything.

 

[Oldeagle66]

You just never know how the other person who is joint on your bank accounts or home will react. Lawyers are recommending to not do this now.

The other day I spent 45 minutes at the bank. A younger woman was arguing with the staff that she wanted the money from the bank account before her mother “croaked” and it was tied up. Wow. She was smiling when I left the bank so I guess she got it.

A side note on this - the folks standing in lines that are too close to the tellers if everything can be overheard.

I learned along time ago to never become legally or financially attached to another human being in my personal life.

 

[KSav]

Anyone see the old Twilight Zone episode where a woman took care of, did everything the rich old bossy, ornery, pain-in-the-neck man owner of an estate required of her, hoping by suffering through bearing it all would get her his estate? Well he did will it to her, -- along with a robot/android? with his bossy, etc. personality & voice exactly like his that, in order to keep the estate, she was not allowed to dispose of. Episode ended with her in shocked despair.

Yes! I love that episode.

 

[Oldeagle66]

I have a will that leaves my vast financial empire to my brother and some other relatives. I have to update my will. And that is a problem, I'm almost 80, and my brother is 70. He's not all that great about money matters. Plus, he lives in another state, 250 miles away. I really don't want to get a lawyer involved with a trust or something, because whatever I do leave will be eaten up with fees. I'd like to leave my brother with something a little better than a coupon for a McDonalds Big Mac. My problem is how to leave my brother something without it being a burden for him? It's kind of like getting stuck with an inheritance of 27 cats.

I don't care how vast an empire. 27 cats and I'm not interested. And I like cats....no, no no....lol

 

[Elsie]

I don't care how vast an empire. 27 cats and I'm not interested. And I like cats....no, no no....lol

I have a will that leaves my vast financial empire to my brother and some other relatives. I have to update my will. And that is a problem, I'm almost 80, and my brother is 70. He's not all that great about money matters. Plus, he lives in another state, 250 miles away. I really don't want to get a lawyer involved with a trust or something, because whatever I do leave will be eaten up with fees. I'd like to leave my brother with something a little better than a coupon for a McDonalds Big Mac. My problem is how to leave my brother something without it being a burden for him? It's kind of like getting stuck with an inheritance of 27 cats.

Hire and Estate Executor?​

 

[Trade]

I'm leaving all 3 of my kids the same amount, even the one that I am estranged from and who I know will just piss it away as fast as he can. I'm not going to give him the satisfaction of being able to say "See, dad always favored the other two over me" after I'm dead.

 

[Elsie]

I'm leaving all 3 of my kids the same amount, even the one that I am estranged from and who I know will just piss it away as fast as he can. I'm not going to give him the satisfaction of being able to say "See, dad always favored the other two over me" after I'm dead.

I agree with you but oh boy. I can just picture rants from the other two over the "bad" son receiving the same amount as them.