t-train wrote: We told both of our parents that it's there money and they should spent it on themselves.
Don't leave anything for us.
I know this does not apply to the OP situation, but after reading all of the horror stories about kids fighting over "their" inheritance (sometimes even before the parents kick off), your suggestion, t-train, is what we kids have told our parents to do. That way, when they do eventually die, we won't be tempted to fight over such trivial stuff.
A good friend of mine happens to be a preacher, His father is somewhat nearing the end of his years (I'd not say days any time soon but years for sure, I mean the Preacher is a grandfather so you can guess at HIS dad's age) Rev. Bob has moved in with the old man (In both senses of "old man") and he and his wife are caring for him. Rev Bob has two full sisters... They spend more on cosmetics than Rev makes but they are all ticked off cause when Dad Dies they want to be able to sell the house RIGHT NOW and take the money.....
Rev. Bob (And trust me, he has the credits to give this kind of advice) has advised his dad to get a "Reverse Mortgage" on the house and spend the money, That way Darling Sisters won't have anything to fight over {Very evil grin}
Now you know why I like Rev. Bob.
Nothin adds excitment like something that is none of your business John is Near Kenwood TS-2000 housed in a 2005 Damon Intruder 377
I recommend you NOT tell any of your children what is in your will. Don't even bring it up. If asked just say that you have one but it is confidential. Let the 'fur' fly after you are both gone. Try to appoint an executor(s) other than your children.
That's one option. Though, can you imagine how hard it would be right after all the emotions children go through at the death of a parent to be surprised by a Will that isn't equally divided or leaves out one child? Can't imagine the pain that would cause.
Barb,
I feel sorry for you in the situation you are in but having thought about it - I don't think I could leave one child out of the will. We have four daughters and while one is not filthy rich and the others not, I still can't envision not splitting our estate evenly - as our will now reads. I would be afraid of a huge rift as others have suggested and I would hope that our children would stay close after we are gone.
Pat
May the road rise with you, the wind be always at your back.
It's your and your husband's money and your and your husband's efforts that got it all built. If your daughter is irresponsible with the estate she has from her marriage & subsequent divorce then she will eventually learn her lesson the hard way, anyway--whether you leave her anything or not.
Write your will, leave her something personal that she likes...or a small amount of money, or none at all with the notation that she is already financially well off to the point that it wouldn't significantly alter her financial status. Use a "No contest" clause--your attorney will usually put this in as a standard condition, and see if your attorney will also be your executor (very common). Be sure to spell out EVERYTHING that needs to be disbursed, sold or otherwise transferred to someone, either by specific amount or by percentage of proceeds. Be sure, also, to spell out that the executor has authority to pay the estate's taxes (property, inheritance, final IRS and State) and regular expenses (utilities, property insurance) until any property sells, if necessary, or to rent it out to provide a trust with income. Your attorney should be prepared to discuss all of these options...
We have 2 pieces of property, so our wills and trusts are not only interwoven, but complex.
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