How to spend your legacy?

[Fossil Farm]

The trouble with wills is that they become public at death since wills go through probate. This means that they can easily be challenged in court. Creating a
trust is more expensive, but it is much harder to challenge in court since they do not go through probate. Discuss this with your lawyer to get his opinion
about the laws in your state or country to see if a trust would suit your wishes better after you and your wife pass. Both my Dad and Brother had trusts and it
was quite easy to dispose of their assests with few problems. Either way, there is plenty of paperwork and some always a few hiccups, but overall the trusts went
pretty smooth. Good luck.

 

[2manyrocks]

Most challenges against the validity of a will are unsuccessful. Trusts drafted by competent lawyers tend to go more smoothly I suspect because there should be no court involvement and because of the thought and flexibility built into most trust provisions.

 

[drssg]

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

Part of the problem with that approach is that we never know how long we will live or how much health care money will be required near the end. In my observation, being able to spend the end of life at home is more pleasant than being stuck in a nursing home. Insurance probably won't pay for home healthcare.

 

[YanmarFever]

Most challenges against the validity of a will are unsuccessful.

The problem is that Liars... I mean lawyers will keep you in court like a merry go-round to try and break you $$ so that you will settle and they get a piece of the pie..
Been there, done that, and got the t-shirt..

 

[IndyJay]

Entitled “The Law Suit”, the cartoon was the work of J. Bright and it dates from the late 1700’s.

 

[ovrszd]

I'm the opposite. I intend on blowing all of it and I have a wad. Keep looking at a new Vette or maybe a Bugatti. Building a new barn (for my wife) and going on hunting trips. It's mine and I worked hard for it. Far as equipment goes, I've already handled that. When I pass, all the equipment gets sold and the finds minus 10% goes to my wife. She don't need the money anyway. She's wealthy in her own right. My wife is from the Oldsmobile family. Not a charitable person, charity begins at home.

But if you both died today, who gets it?

I started to say "farmers", but will change it to "land owners" fit the old saying regarding farmers, "asset rich, cash poor".

So in the OP's case a large portion of his value might be in fixed assets. It's hard to spend those before you die without putting yourself at serious risk of having to leave your farm before death.

My net worth is around $1.4M. $1M of that is in the farm I live on. I intend for the farm to stay in my family, which I am Blessed to have, unlike the OP. But if I didn't have that luxury, what would I do to ensure that value goes to a deserving cause?

I think he's asked a very good question. And the answers/suggestions will be highly varied.

 

[2manyrocks]

View attachment 781466

Entitled “The Law Suit”, the cartoon was the work of J. Bright and it dates from the late 1700’s.

I only see one lawyer. Usually there are at least two or multiple lawyers doing the milking.

 

[MAX-24-Dean]

View attachment 781466

Entitled “The Law Suit”, the cartoon was the work of J. Bright and it dates from the late 1700’s.

I only see one lawyer. Usually there are at least two or multiple lawyers doing the milking.

Could have posted this in the "groan" thread.
The gravity of it in reality, well not so funny. Its just the way it is perceived.

 

[IndyJay]

I only see one lawyer. Usually there are at least two or multiple lawyers doing the milking.

Yeah, and sometimes there are more litigants and defendants, along with a jury.
I think the point is that while you are fighting someone in court, the lawyer is milking the case of what is valuable.

It was more of a response to Yanmar's post,
"I mean lawyers will keep you in court like a merry go-round to try and break you $$ so that you will settle and they get a piece of the pie.."

 

[3gunr]

My vote is for giving it to wounded veterans ,