How to spend your legacy?

[tallyho8]

This is a hypothetical question. (sort of) Let's suppose that you are fairly old and have no close relatives left. You worked very hard all your lifetime and were conservative spending and have amassed a nice savings. Let's just say around $1,000,000 which is not very much nowdays. Your health is failing and you don't want your money to go to your closest relative which you hardly even know so you want to make out a will.

You are an animal lover who has had hounds and horses all his life but hesitate to leave money to some of the so-called animal protectorates like PETA and many others who I have found spend money on ways I do not agree with. There are so many so-called charities that collect money for some worthy cause but keep 90% and only 10% goes to that cause. Most of your good friends who are still living are as old or older than you and you may very well outlast them. You would like to be remembered by your community as a special person but not by just having the fanciest and most expensive grave marker in town. How would you make out your will?

This question does not just apply to me as I have made my will already and I leave everything to my wife of, so far, 57 years. But, in the event I outlive her, I am not satisfied with the will I have made. My area has an outstanding police department that has done a remarkable job for many years without the problems you hear so often now but has the problem of hiring new recruits as no one in their right mind wants to be a cop anymore where the cop is more likely to end up in jail than the criminal so I want to do everything I can to make sure that people know that the community supports them. So I have a small portion of my will going to the Sheriff's Office with the Sherrif deciding to whom and how much of the money will go to any deputy who is severely injured or killed in the line of duty. Other amounts go to relatives who I barely know and really don't believe they deserve it.

If you were in the described situation, how would you make out your will?

 

[groundcover]

You are asking this on a tractor site, obviously buy more tractors ! We are here to help !

 

[tallyho8]

But who do I leave the tractors to?

 

[bigtiller]

Set up a scholarship program for kids to go to collage.
Your local VFW and Lions club will have some community based ideas that tax dollars won't fix.

 

[4570Man]

I’d spend most of the money on something you could use now instead of donating it after you’re gone.

 

[Hoss710]

My great Uncle has went through a very similar situation. he lives on what's left of our family farm. 4500 acres, 9 houses and loves cats and horses. he sold a good portion of the farm to a local farmer who is letting him spend his last years on the family farm ( he is 97 has no children) he set up a trust with a local township. They are building a addition to the local library in his name. as well as a park and fund for a college scholarship also in his name. He is a WW2 , and Korean vet. he has written a book about his life. he served in all 4 of the military branches in his career. In a way we would love to have been able to continue the family farm.( it's been in our family since 1722) but he has lived a incredible life , and it's his choice . So we respect that and him. So do what feels good to you. what's left of the farm will be a state bird and wild life sanctuary. Maybe find a animal rescue that could use a helping hand??

 

[EarPlug]

You are an animal lover who has had hounds and horses all his life but hesitate to leave money to some of the so-called animal protectorates like PETA and many others who I have found spend money on ways I do not agree with.

There are many Local Animal Rescue organizations that are much more responsible with the money than the so called "National" organizations. For example, here are a couple near me in Colorado.

https://longhopes.org/

Ho-Bo Care Boxer Rescue - Colorado Dogs for Adoption

Our nonprofit, volunteer-run rescue has been finding forever homes for boxer and boxer mixes in Colorado since 1972. Adopt, foster, volunteer, donate today!

www.hobocare.org

 

[2manyrocks]

Make a will today, then years go by and the people and circumstances change in ways you may not anticipate.

There's a saying that goes, "do your giving while you're living then you are knowing where it's going."

If you do some test giving, you have the opportunity to see how your money is actually put to use and make alterations in what you do with your remaining funds if you don't like the results. If you leave everything in your will to X and X decides to blow it on themselves, not much you can do about it.

 

[MossRoad]

IF I had no children or close relatives to leave it to, I'd probably leave it to the local food bank or the local humane society. Not national organizations. Local.

However, that's not the case for me. I'm married, have children, have siblings, have nieces and nephews, in-laws, etc... I actually like all of them, even my doofus brother in-law. So whomever is left in the line of succession will get it with my blessing.

I realize I'm fortunate in that matter, and know people that have very good reasons not to want it to go to certain relatives. In reality, you're dead and shouldn't try and control people from the grave, so don't put a bunch of stipulations on anything that you leave to people or they'll grow to resent you (advice from my lawyer).

 

[JasperFrank]

In a bit of the same situation. I know my nephews would never use a wind fall to their advantage. Surviving brother, and I haven't spoken with in 20 years. Bad blood. Where does it go? Always thought the wife was to out live me as per the usual. That's not so certain anymore as we both go in and out of health at times. Sometimes I think I should rewrite the will to give my "individual assets" to a "No Kill" animal shelter for dogs. Wife has more money, "Individual Money" than me anyway. But she will not write a will, which I find to be rather childish. My native family is essentially over. Her native family has possibilities. We did get married after all. How that works out though is a difficult question.