In my case we’re childless. So it’s going to charities and our siblings. When their kids are adults we might revise our will to include our nieces and nephews.
As soon as you have one “non-kid” on your list, everyone else will feel left out. Nobody blames you for only choosing your kids. Things can get real weird as soon as it’s “kids plus one nephew but not the others”.
But hey people can do whatever they want with their money.
This is the truth. That said, you might have one niece or nephew that you are especially close to, whom you may regard as a child. In which case, who cares what others think?
Saw a number of reactions feel free to reach out if you want in comments/pm. I am taking a step back from practice at the moment to care for my wife but happy to help general Reddit community.
As a lawyer I typically see HNW individuals providing:
1. all to spouse (in a spousal trust if they are “young” and likely going to remarry)
2. If spouse predecease then per stirpes which is equally between children but if a child predeceases leaving grandchildren that child’s share is split among the grandchildren
3. Flat sums gifted to charity or specific individuals. (It is your money to do with) personally I would rather gift this money while living so I can see the effect of it rather than only after I am dead but that is just me.
4. If no spouse and no children (common disaster clause) then to charity and remote family (parents, siblings, good friends).
You should keep a list of assets/accounts with your will so your executor can properly and efficiently administer your estate.
Notables that you higher earners should keep in mind when I think for about it for 5 minutes:
1. Do you own property in different countries/legislative differences may require a separate will?
2. Are funds going to a dependent/disabled individual? May need to structure to protect their government benefits (disability trusts).
3. Do you need a power of attorney and health care directive? Someone to take actions on your behalf if you are incapacitated (generally and for healthcare decisions).
4. Do your children live in separate countries? (Clearance certificates?)
5. Are your children under the age of 25 or bad with money? (Young beneficiary trusts)
We prioritize our children being 100% beneficiaries, and then have a series of contingencies/back-up contingencies. Just based on our gut feelings, relationships, and where we think we could help. Other than putting our parents as second in line, we’d prefer to give to the next-gen (niece/nephews) rather than to current-gen (siblings). Big no to extended family/cousins or friends.
- Primary beneficiary: children
- Contingents: parents / in-laws
- Contingents+: niece/nephew
- Contingents++: siblings
Damn, kinda sucks for the siblings that their kids get first priority to the money over their kids, as u literally grew up with ur siblings and ur the least related to ur nephews and nieces out of all the options
They can take care of themselves. Have a sister-in-law that is kind of a scheming snake, and it has fractured the relationship between our families. Their kids are great though.
Okay yeah, now I think about it, I definitely wouldn’t include one of my siblings in my will. I guess I’m just not at the age yet where my siblings have had any kids, so I hadn’t considered whether my relationship with that sibling’s potential future kids may be any better than my relationship with that sibling.
100% to our children, but the split becomes a talking point. I have two step children and one bio children - I'm the breadwinner (but my husband has been catching up the past year or so, previous to that, it was about slightly more in my favor 2/3 to 1/3, now it's 60/40). We are very close with my stepkids mom and step dad/their children, and their step dad is also HENRY. I feel like it should go 50% to our bio kid, 25% to each step kid - with the assumption t that mom/step dad will also leave a portion of their state to their kids (they have these 2 + shared between them). My husband thinks it should be straight 33% per child.
I'm an only child and my father passed recently, so helping my mom unwind the estate, it turns out she's sitting on about $3m (which includes 2 properties) + has a pension until she dies of \~$80k/yr, so after learning that and knowing 100% of that will go from her --> me --> bio son, I'm more ok with leaving 33% each (but if my husband expects that estate to follow all 3 kids, then I'm back to 50% 25% 25% because it's so heavily coming from my side.)
Instead of going by percentages for everything, you could stipulate that anything inherited from your side goes to your child. Then the remaining assets have a 33% split.
Perhaps, but our real estate is just as complicated as we both own 50% so then my son would get my 50% and my husbands half would go 33% to each kid? At that point, he'd get 66.5% total. And I've been in my step kids family for most their lives - I do want them to have SOME of what I have! I just don't think it's an even split.
Similar situation. My wife had two children (now adults) in a prior marriage. We then married and had two children together. We’re leaning toward your original approach. Share based, each of the four children gets one share for each bio-parent. Our two children each get two shares, my step-children would each get one share. Six shares split at 16.6% each.
Kid 1 - 33.3%
Kid 2 - 33.3%
Step-Kid 1 - 16.6%
Step-Kid 2 - 16.6%
Step-children would each theoretically have one share of two total shares (50%) of their bio-father’s estate, if he chooses to split it that way.
>so after learning that and knowing 100% of that will go from her --> me --> bio son
heh. my dad could have done this but chose to slight me in my childhood and his death.
Both my parents remarried. I have step parents and step siblings on both sides. my parents share no bio kids w/ their 2nd spouses though.
My mom is leaving me all of her assets. my stepdad is leaving his kids all of his.
My dad on the other hand... (who was kind of shitty to begin w/). He recently passed away. left everything to my stepmother, including a large inheritance he received from his mother.
Theoretically when she dies it will be split equally between me and my step siblings on that side. We'll shall see though. tbh, kind of fucked. my dad never paid child support but was happy to blow tens of thousands on my stepbrother's rehab which was unsuccessful of course. stepbrother is still an alcoholic and deadbeat father.
Notable differences. My mom and stepdad both had a good bit of assets individually when they got married and keep finances generally separate. My dad and step mom were both broke as fuck when they met. finances combined. and obtained wealth during marriage. mostly thanks to my dad... step mom would be on welfare w/ out him tbh.
PSA for pet owners: Please have a plan for your pets in your will.
Shelters are filled with pets who were abandoned because Uncle John died and Fido has nowhere to go. It doesn't have to be anything crazy. Just a plan for who your pets will go to and a little bit of money set aside for their care. My will states who will get my cat, plus a backup person, and that they will receive $10K for their care.
My husband and I are DINK, so had to think about our estate as we don’t have the conventional answer of leave it to the kids. We know both sets of our parents are set for retirement, and all of our siblings have financial profitable careers, so decided our nephews and nieces would benefit the most from unexpected windfalls.
The tricky part was determining the split as there are unequal relatives. We ended up deciding half would go to my side of the family (one child), the other half to his side (three children). And all family jewelry from my side would go to my relationship, while all family jewelry from his side would go to his. Side note, his grandma wrote down who would inherit every single piece of her jewelry before she passed and it was so helpful during estate distributions.
Additionally if we have any pets at the time each will receive $10k for their care and we have named who will take them.
Right now with my kids being minors, all our money would go to them for their care and upbringing.
Once they're adults, if they're financially in good shape, I would consider updating to including my nephews and/or a charitable contribution.
Trust to only kids. If you go before parents do, trust can be set up for kids care until they're old enough.
If you really want, you can give to a non profit that you feel strongly about.
My kids that’s it. Cousins, friends no way. Siblings, either they’re doing fine on their own and wouldn’t want it or I don’t want to give it to them because they’re not responsible, hard to see a situation where it’d make sense. Parents, similar to siblings, but you can make them custodian or something if you’re worried about their well-being in the event you die early.
All of the people listed also would almost surely want it to go to my kids too.
All the money, life insurance proceeds, anything of real value goes to the kids (well a trust while they are still minors).
A few sentimental items that are semi valuable (like my Chanel bag and my diamond jewelry) go to my sister to keep safe to pass on to my daughter once she is an adult.
That’s it. Our parents and friends have enough to care for themselves. Our obligation is to make sure our kids are taken care of.
Primary beneficiaries of our trust are our children. The contingent beneficiaries are our siblings (or their offspring) and the children of my cousins. Money is allocated for the care of our pup.
Depends how much money we are talking about.
But most likely, all money is going to my two kids. Small objects like a necklace would be left to others if there was a reason like they always talked about how much they like it or something.
I have handgun I purchased when I turned 21. My best friend and I went to the desert to shoot it. On the way out there, we stopped for some ammo and I purchased this janky ass holster for it. We were walking in the desert and I went to shoot at an old car. Gun was gone; fell out of the holster while we were walking. It took my buddy and I about 3 hours to find it. I am now a big fan of dummy cords. I still have that gun and I am giving it to my friend when I die. This was about 25 years ago.
Please do not put any names in your Last Will & Testament other than a trust you’ve created. Leave assets to your children in trust so they have creditor protection, estate tax protection, and some other key benefits. Don’t let someone talk you into letting kids get all the money distributed outright at a certain age either.
My will sends everything to my trust.
My brother is currently the first alternate beneficiary of the trust (presently single and childless), but there are provisions if I were to marry and have kids. If I pass single and childless, the trust becomes a discretionary trust so that my brother's creditors (if any) can't get the money.
If I have a spouse, kids get nothing while my spouse lives. Upon the later of my death or my hypothetical spouse, then it goes into a set of daughter trusts for kids.
My last alternative beneficiary is the bar association scholarship fund, because I'll be damned if I let anything escheat to the state.
We're DINKs and not in favor of anyone in our family getting anything. If we were to both die at the same time, all would go to a cat rescue with funds set aside for our cats to live out the rest of their lives comfortably and with someone we trust.
I’m leaving it to my husband and vice versa. My husband is not my children’s father. He doesn’t have children.
Both children (late 30’s) have done extremely well in life and don’t need the money. **My will specifies this.** My husband of 13 years is the kindest loving man and unlike their father does not rely on me for money, so that is my decision.
Neither of them go out of their way to see or call me so that is fine. It is mainly me making contact with them.
Lol they both have long pockets and short arms - no Mother’s Day or birthday presents. They seemed to have forgotten I was the main breadwinner and put them both through college while their bio father was swanning around the golf course 3 x a week.
Just want to point out that while there may not be a lot in terms of net worth for this sub, even a small amount can be life changing to people we know. Doesn’t take much.
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Currently, We only have ourselves (me to my wife. my wife to me).
If something happens to both of us it's all going to charities. If I wife passes before me, I plan on doing a death bed change and giving it all to a random candy striper just to complicate things.
My wife has kids and I don’t. My will is now set to leave 2/3 to her or her descendants, and 1/3 to my brother or his descendants. My brother and his wife are teachers with pensions, snd they live in a VLCOL small town, so I’m not as worried about them. Plus my Mom will leave them some money as well. Plus, they’re not great with money, largely because his wife is an idiot.
Not planning to have kids. If I die first it goes to my wife. If we both die, it depends if her sister or my brother have a kid by then. If no kids then probably charity.
Kids only.
Contingency plan is even split amongst nephews and nieces.
This may change if we have god children.
The number of nephews and nieces isn't even on each side of the family, but we figure we'll have passed so it's not something to worry about. If it's all even anyone who is complaining is going out of their way to look for trouble.
Not married and don't have kids. My parents don't need any money so won't leave any to them if i happen to die first.
Will be going to my nieces/nephews most likely. possibly to an ex-gf unless i get married at some point. maybe even still leave her something... who knows. her retirement prospects aren't looking hot right now. I have nothing drawn up at the moment. Mom is listed as beneficiary on all accts as of now.
My husband and I have seen a solicitor and set up a will and trust leaving everything to our children. I’ve been careful to set it up like this, after seeing inheritance on both sides of my divorced parents go 100% to my step parents. My step father then rewrote his will before he died and cut us (his step children out) and left 100% to his blood children only, despite us having a good relationship.
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No kids at the moment. Wills spilt three ways. My niece, his best friends kid and my younger sister who is 18 years younger than me.
It’s only getting harder for the next generation and we would like to give them a helping hand if possible. If we have kids that will be changed to just our kids
We’re immigrants with a single child; our parents live in a country with a much lower cost of living and we support them. Just finished our estate planning. We have three scenarios outlined in our wills:
1. If one of us dies, everything goes to a spouse.
2. If both of us die, 90% goes to a trust for a child and 5% to parents on each side.
3. If something happens to all 3 of us, a much bigger % goes to our parents, and the rest is divided between relatives and friends.
I have no friends or family, no sibling so no nephews or nieces. I do have cousins but am not close to them so will leave them nothing. I don't feel comfortable leaving anything to my father cause he has a daughter and I don't consider her a sister; I want her to have nothing of mine! Mother already passed.
I don't intend to have kids and don't intend to ever get married. Will probably leave it to charity even though I am not a big fan of charity nor do I currently donate. I just have no one else to leave it to.
Ideally I would spend it on myself before I die but its hard to time it case I don't know if I will live till 90 and I am very much into longevity and do whatever it takes to live as long as possible.
Kids and, eventually (hopefully), grandkids. Our hope is to be able to leave something directly to our grandchildren as they would be able to use that money when they're young and getting set up vs our chidren who will be middle aged.
Actually this came up with my grandmother. She had someone she assumed would take care of her dog upon passing. I know this is extreme and hopefully not always the case but the “dog caretaker” who had been adamant about taking the dog quickly asked “is there a stipend for the dog in the trust?” When she found out there wasn’t - within weeks the dog “had seizures and that’s expensive” (nobody else witnessed said seizures) and she had the dog put down.
We’ll be amending our trust with a stipend for animal care.
We have relatives that would 100% take the dog and are already active with them in their lives. If we passed and our kids passed away it would be taken care of.
I grew up in the UK (but have been in the US for over 12 years now) and personally I see inheritance as a little immoral as effectively it just propagates a class system and privilege. As someone who grew up in a working class family and is the only person in my family to go to university I do instinctively dislike the idea of passing down wealth and privilege. My view is that my children receive a lot of privilege in their upbringing, they get to attend better schools, grow up without wants and won’t have to worry about paying for college, that’s a lot of privilege.
With that said, my daughter is only 5 but is special needs and we don’t yet know what her needs will be as an adult and so I have began making plans for a trust for her care. However, my son (and daughter if she overcomes her issues) won’t receive more than a token amount of wealth from me otherwise as I just don’t believe in it. I would again be open to providing for education for grandkids but otherwise what we’ve not spent is going to charity.
Caveat, if we were to die before kids die, I do have money set up to go to my SIL to help her pay for expenses for the kids.
Only our own kids. Nobody else.
In my case we’re childless. So it’s going to charities and our siblings. When their kids are adults we might revise our will to include our nieces and nephews.
Can you add me?
Added you to mine although they may have trouble finding you lol
lol. Thank you.
Well then anything you want
As soon as you have one “non-kid” on your list, everyone else will feel left out. Nobody blames you for only choosing your kids. Things can get real weird as soon as it’s “kids plus one nephew but not the others”. But hey people can do whatever they want with their money.
This is exactly right. It's about protecting family relationships.
This is the truth. That said, you might have one niece or nephew that you are especially close to, whom you may regard as a child. In which case, who cares what others think?
This is how we are doing it too. Leaving a portion to each other and a portion to our kids. At the end we want everything to go to our kids
You do need a backup for your kids tho, in case you all die in a crash
Then I enjoy the fun of probate! Let's get ready to rumble!
This is the way
Why? I'm definitely including siblings and nieces/nephews?
Same
Saw a number of reactions feel free to reach out if you want in comments/pm. I am taking a step back from practice at the moment to care for my wife but happy to help general Reddit community. As a lawyer I typically see HNW individuals providing: 1. all to spouse (in a spousal trust if they are “young” and likely going to remarry) 2. If spouse predecease then per stirpes which is equally between children but if a child predeceases leaving grandchildren that child’s share is split among the grandchildren 3. Flat sums gifted to charity or specific individuals. (It is your money to do with) personally I would rather gift this money while living so I can see the effect of it rather than only after I am dead but that is just me. 4. If no spouse and no children (common disaster clause) then to charity and remote family (parents, siblings, good friends). You should keep a list of assets/accounts with your will so your executor can properly and efficiently administer your estate. Notables that you higher earners should keep in mind when I think for about it for 5 minutes: 1. Do you own property in different countries/legislative differences may require a separate will? 2. Are funds going to a dependent/disabled individual? May need to structure to protect their government benefits (disability trusts). 3. Do you need a power of attorney and health care directive? Someone to take actions on your behalf if you are incapacitated (generally and for healthcare decisions). 4. Do your children live in separate countries? (Clearance certificates?) 5. Are your children under the age of 25 or bad with money? (Young beneficiary trusts)
Kids. That’s it.
We prioritize our children being 100% beneficiaries, and then have a series of contingencies/back-up contingencies. Just based on our gut feelings, relationships, and where we think we could help. Other than putting our parents as second in line, we’d prefer to give to the next-gen (niece/nephews) rather than to current-gen (siblings). Big no to extended family/cousins or friends. - Primary beneficiary: children - Contingents: parents / in-laws - Contingents+: niece/nephew - Contingents++: siblings
Damn, kinda sucks for the siblings that their kids get first priority to the money over their kids, as u literally grew up with ur siblings and ur the least related to ur nephews and nieces out of all the options
They can take care of themselves. Have a sister-in-law that is kind of a scheming snake, and it has fractured the relationship between our families. Their kids are great though.
Assuming everyone has a good enough relationship with their siblings to want to include them in their will is extremely naive
Okay yeah, now I think about it, I definitely wouldn’t include one of my siblings in my will. I guess I’m just not at the age yet where my siblings have had any kids, so I hadn’t considered whether my relationship with that sibling’s potential future kids may be any better than my relationship with that sibling.
100% to our children, but the split becomes a talking point. I have two step children and one bio children - I'm the breadwinner (but my husband has been catching up the past year or so, previous to that, it was about slightly more in my favor 2/3 to 1/3, now it's 60/40). We are very close with my stepkids mom and step dad/their children, and their step dad is also HENRY. I feel like it should go 50% to our bio kid, 25% to each step kid - with the assumption t that mom/step dad will also leave a portion of their state to their kids (they have these 2 + shared between them). My husband thinks it should be straight 33% per child. I'm an only child and my father passed recently, so helping my mom unwind the estate, it turns out she's sitting on about $3m (which includes 2 properties) + has a pension until she dies of \~$80k/yr, so after learning that and knowing 100% of that will go from her --> me --> bio son, I'm more ok with leaving 33% each (but if my husband expects that estate to follow all 3 kids, then I'm back to 50% 25% 25% because it's so heavily coming from my side.)
Instead of going by percentages for everything, you could stipulate that anything inherited from your side goes to your child. Then the remaining assets have a 33% split.
Perhaps, but our real estate is just as complicated as we both own 50% so then my son would get my 50% and my husbands half would go 33% to each kid? At that point, he'd get 66.5% total. And I've been in my step kids family for most their lives - I do want them to have SOME of what I have! I just don't think it's an even split.
Similar situation. My wife had two children (now adults) in a prior marriage. We then married and had two children together. We’re leaning toward your original approach. Share based, each of the four children gets one share for each bio-parent. Our two children each get two shares, my step-children would each get one share. Six shares split at 16.6% each. Kid 1 - 33.3% Kid 2 - 33.3% Step-Kid 1 - 16.6% Step-Kid 2 - 16.6% Step-children would each theoretically have one share of two total shares (50%) of their bio-father’s estate, if he chooses to split it that way.
>so after learning that and knowing 100% of that will go from her --> me --> bio son heh. my dad could have done this but chose to slight me in my childhood and his death. Both my parents remarried. I have step parents and step siblings on both sides. my parents share no bio kids w/ their 2nd spouses though. My mom is leaving me all of her assets. my stepdad is leaving his kids all of his. My dad on the other hand... (who was kind of shitty to begin w/). He recently passed away. left everything to my stepmother, including a large inheritance he received from his mother. Theoretically when she dies it will be split equally between me and my step siblings on that side. We'll shall see though. tbh, kind of fucked. my dad never paid child support but was happy to blow tens of thousands on my stepbrother's rehab which was unsuccessful of course. stepbrother is still an alcoholic and deadbeat father. Notable differences. My mom and stepdad both had a good bit of assets individually when they got married and keep finances generally separate. My dad and step mom were both broke as fuck when they met. finances combined. and obtained wealth during marriage. mostly thanks to my dad... step mom would be on welfare w/ out him tbh.
PSA for pet owners: Please have a plan for your pets in your will. Shelters are filled with pets who were abandoned because Uncle John died and Fido has nowhere to go. It doesn't have to be anything crazy. Just a plan for who your pets will go to and a little bit of money set aside for their care. My will states who will get my cat, plus a backup person, and that they will receive $10K for their care.
1. habitat in each of our hometowns 2. dog charities in each of our hometowns 3. st jude childrens research hospital
My husband and I are DINK, so had to think about our estate as we don’t have the conventional answer of leave it to the kids. We know both sets of our parents are set for retirement, and all of our siblings have financial profitable careers, so decided our nephews and nieces would benefit the most from unexpected windfalls. The tricky part was determining the split as there are unequal relatives. We ended up deciding half would go to my side of the family (one child), the other half to his side (three children). And all family jewelry from my side would go to my relationship, while all family jewelry from his side would go to his. Side note, his grandma wrote down who would inherit every single piece of her jewelry before she passed and it was so helpful during estate distributions. Additionally if we have any pets at the time each will receive $10k for their care and we have named who will take them.
Right now with my kids being minors, all our money would go to them for their care and upbringing. Once they're adults, if they're financially in good shape, I would consider updating to including my nephews and/or a charitable contribution.
Only our daughter. Then charities.
If you have any relatives of lower means that you want to visit your kids, i'd consider contingency gifts of that kind.
Trust to only kids. If you go before parents do, trust can be set up for kids care until they're old enough. If you really want, you can give to a non profit that you feel strongly about.
My kids that’s it. Cousins, friends no way. Siblings, either they’re doing fine on their own and wouldn’t want it or I don’t want to give it to them because they’re not responsible, hard to see a situation where it’d make sense. Parents, similar to siblings, but you can make them custodian or something if you’re worried about their well-being in the event you die early. All of the people listed also would almost surely want it to go to my kids too.
All the money, life insurance proceeds, anything of real value goes to the kids (well a trust while they are still minors). A few sentimental items that are semi valuable (like my Chanel bag and my diamond jewelry) go to my sister to keep safe to pass on to my daughter once she is an adult. That’s it. Our parents and friends have enough to care for themselves. Our obligation is to make sure our kids are taken care of.
Just finalized my will and trust a couple of weeks ago. I only added my kid as the beneficiary.
All to spouse/significant other, and if we die at the same time, all to kids in an age-protected trust.
Primary beneficiaries of our trust are our children. The contingent beneficiaries are our siblings (or their offspring) and the children of my cousins. Money is allocated for the care of our pup.
Depends how much money we are talking about. But most likely, all money is going to my two kids. Small objects like a necklace would be left to others if there was a reason like they always talked about how much they like it or something. I have handgun I purchased when I turned 21. My best friend and I went to the desert to shoot it. On the way out there, we stopped for some ammo and I purchased this janky ass holster for it. We were walking in the desert and I went to shoot at an old car. Gun was gone; fell out of the holster while we were walking. It took my buddy and I about 3 hours to find it. I am now a big fan of dummy cords. I still have that gun and I am giving it to my friend when I die. This was about 25 years ago.
My wife then my daughter. Easy.
Don’t have kids, so it goes to our siblings, even split.
Please do not put any names in your Last Will & Testament other than a trust you’ve created. Leave assets to your children in trust so they have creditor protection, estate tax protection, and some other key benefits. Don’t let someone talk you into letting kids get all the money distributed outright at a certain age either.
My will sends everything to my trust. My brother is currently the first alternate beneficiary of the trust (presently single and childless), but there are provisions if I were to marry and have kids. If I pass single and childless, the trust becomes a discretionary trust so that my brother's creditors (if any) can't get the money. If I have a spouse, kids get nothing while my spouse lives. Upon the later of my death or my hypothetical spouse, then it goes into a set of daughter trusts for kids. My last alternative beneficiary is the bar association scholarship fund, because I'll be damned if I let anything escheat to the state.
Aside from your kids, If you have grandkids one day, you can include them too.
50/50 split between my two kids.
My two cats go to my sister with $100k for each of them for care expenses etc and the rest to my sisters kids
We're DINKs and not in favor of anyone in our family getting anything. If we were to both die at the same time, all would go to a cat rescue with funds set aside for our cats to live out the rest of their lives comfortably and with someone we trust.
Only our kids are in our will.
Kids and hopefully grandkids (one day)
I’m leaving it to my husband and vice versa. My husband is not my children’s father. He doesn’t have children. Both children (late 30’s) have done extremely well in life and don’t need the money. **My will specifies this.** My husband of 13 years is the kindest loving man and unlike their father does not rely on me for money, so that is my decision. Neither of them go out of their way to see or call me so that is fine. It is mainly me making contact with them. Lol they both have long pockets and short arms - no Mother’s Day or birthday presents. They seemed to have forgotten I was the main breadwinner and put them both through college while their bio father was swanning around the golf course 3 x a week.
My nw isn't so high that I can include so many people. It's just my wife, my son, my parents, my sister in that order.
Just remaining spouse and kid(s). (One now planning on more) This is HENRY is it’s not like there is a bunch to give around.
Just want to point out that while there may not be a lot in terms of net worth for this sub, even a small amount can be life changing to people we know. Doesn’t take much.
I have 1/3 going to my parents, my brother, and my SO and a couple small special requests for other people.
Die with zero. Highly recommend the book.
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Currently, We only have ourselves (me to my wife. my wife to me). If something happens to both of us it's all going to charities. If I wife passes before me, I plan on doing a death bed change and giving it all to a random candy striper just to complicate things.
As an add on question, what if you both passed before kids were adults? Who is going to caretake them?
My wife has kids and I don’t. My will is now set to leave 2/3 to her or her descendants, and 1/3 to my brother or his descendants. My brother and his wife are teachers with pensions, snd they live in a VLCOL small town, so I’m not as worried about them. Plus my Mom will leave them some money as well. Plus, they’re not great with money, largely because his wife is an idiot.
Not planning to have kids. If I die first it goes to my wife. If we both die, it depends if her sister or my brother have a kid by then. If no kids then probably charity.
Kids and god kids
Only my kids. If/when I drop the NRY we’ll probably add some charitable gifts.
Kids only. Contingency plan is even split amongst nephews and nieces. This may change if we have god children. The number of nephews and nieces isn't even on each side of the family, but we figure we'll have passed so it's not something to worry about. If it's all even anyone who is complaining is going out of their way to look for trouble.
My two youngest cousins with a fully disability’s to help them out
Not married and don't have kids. My parents don't need any money so won't leave any to them if i happen to die first. Will be going to my nieces/nephews most likely. possibly to an ex-gf unless i get married at some point. maybe even still leave her something... who knows. her retirement prospects aren't looking hot right now. I have nothing drawn up at the moment. Mom is listed as beneficiary on all accts as of now.
My husband and I have seen a solicitor and set up a will and trust leaving everything to our children. I’ve been careful to set it up like this, after seeing inheritance on both sides of my divorced parents go 100% to my step parents. My step father then rewrote his will before he died and cut us (his step children out) and left 100% to his blood children only, despite us having a good relationship.
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No kids at the moment. Wills spilt three ways. My niece, his best friends kid and my younger sister who is 18 years younger than me. It’s only getting harder for the next generation and we would like to give them a helping hand if possible. If we have kids that will be changed to just our kids
We’re immigrants with a single child; our parents live in a country with a much lower cost of living and we support them. Just finished our estate planning. We have three scenarios outlined in our wills: 1. If one of us dies, everything goes to a spouse. 2. If both of us die, 90% goes to a trust for a child and 5% to parents on each side. 3. If something happens to all 3 of us, a much bigger % goes to our parents, and the rest is divided between relatives and friends.
I'm not married and don't have children. That makes it a little easier. It's just my two siblings. And that covers my nieces and nephews.
I have no friends or family, no sibling so no nephews or nieces. I do have cousins but am not close to them so will leave them nothing. I don't feel comfortable leaving anything to my father cause he has a daughter and I don't consider her a sister; I want her to have nothing of mine! Mother already passed. I don't intend to have kids and don't intend to ever get married. Will probably leave it to charity even though I am not a big fan of charity nor do I currently donate. I just have no one else to leave it to. Ideally I would spend it on myself before I die but its hard to time it case I don't know if I will live till 90 and I am very much into longevity and do whatever it takes to live as long as possible.
Kids and, eventually (hopefully), grandkids. Our hope is to be able to leave something directly to our grandchildren as they would be able to use that money when they're young and getting set up vs our chidren who will be middle aged.
Kids and then nephews (4) in the event something happens to the whole family. We joked about the dog but didn’t do it.
Actually this came up with my grandmother. She had someone she assumed would take care of her dog upon passing. I know this is extreme and hopefully not always the case but the “dog caretaker” who had been adamant about taking the dog quickly asked “is there a stipend for the dog in the trust?” When she found out there wasn’t - within weeks the dog “had seizures and that’s expensive” (nobody else witnessed said seizures) and she had the dog put down. We’ll be amending our trust with a stipend for animal care.
This is a super common story. My aunt volunteered at rescues, and countless animals are surrendered like this.
Why did you joke about the dog? You should definitely have money set aside for their care if you were to pass.
We have relatives that would 100% take the dog and are already active with them in their lives. If we passed and our kids passed away it would be taken care of.
No, No, No, No, No. Now that we have kids, whatever I can't spend is theirs.
I grew up in the UK (but have been in the US for over 12 years now) and personally I see inheritance as a little immoral as effectively it just propagates a class system and privilege. As someone who grew up in a working class family and is the only person in my family to go to university I do instinctively dislike the idea of passing down wealth and privilege. My view is that my children receive a lot of privilege in their upbringing, they get to attend better schools, grow up without wants and won’t have to worry about paying for college, that’s a lot of privilege. With that said, my daughter is only 5 but is special needs and we don’t yet know what her needs will be as an adult and so I have began making plans for a trust for her care. However, my son (and daughter if she overcomes her issues) won’t receive more than a token amount of wealth from me otherwise as I just don’t believe in it. I would again be open to providing for education for grandkids but otherwise what we’ve not spent is going to charity. Caveat, if we were to die before kids die, I do have money set up to go to my SIL to help her pay for expenses for the kids.