I may inherit lots of money

[dd564]

My fathers sister has died and she was rich. She had no children and her husband died years ago. Her only relatives were my brother and I. We talked often about her money and will and always wondered how much money she had. Both my brother and myself are in the will and will be getting about a million dollars after her assets are distributed. Much of her assets are in farm land, which will take a while to sell.

My head is spinning. If you followed my earlier posts I was a nervous wreak about breaking my lease and making my $400K in savings last. (I was planning on going on Social Security next year.)

While the money won't come in for a while, it has completely changed my attitude towards life. There is a spring in my step, I have been smiling a lot and have lots of ideas how what I can do with the rest of my life, now that I am going to be set financially.

Anyone else get a large inheritance in or close to retirement that turned their life upside down? What did you do, and how did you invest it?

I understand what you are feeling.
I inherited a large amount (but smaller than your case), that was life changing.
It was hard to not be a little excited about it despite the loss. In my case, both were both elderly. My aunt had died first after a battle of cancer when she was in her late 80's. He died a few years later after he had largely lost most of his mental capacity as he was suffering from dementia

In the end, it was a blessing they both passed when they did. Sounds like yours was a similar case.

My advice to you is to try an not spend any of it the first year. Let yourself get your bearings first.
Move it to something in the meantime where you won't lose it or owe fees if you decide to move it.

Maybe buy yourself yourself a small toy to bridge the gap while you plan things out. Not your dream car, or something crazy.

Good luck.

Edit: One thing I have tried to do is to keep in mind that you shouldn't let it change you as a person. I strive to not let it change my focus. We haven't purchased any new cars or clothing We try to look and live the same we did before.

 

[gauss]

Forced,
Have you actually seen or posses a copy of the written will? Is there an assigned Personal Representative/Executor identified in the will?

You should be able to monitor the Probate court located in the county of your late Aunt's residence to see when a Probate case is opened for her by the PR.

In my state once the Probate has been opened, the Personal Representative is duty bound to notify all the devises/beneficiaries & heirs with a copy of the will. The next major event will be that the PR will need to share with the court a list of assets and valuations so that the appropriate probate fee may be calculated.

As others have suggested I would not count all the chickens prematurely.

I would certainly continue your plan to significantly lower your expenses/cash burn rate by seeking alternate housing.

-gauss

 

[dd564]

Forced,
Have you actually seen or posses a copy of the written will? Is there an assigned Personal Representative/Executor identified in the will?

You should be able to monitor the Probate court located in the county of your late Aunt's residence to see when a Probate case is opened for her by the PR.

In my state once the Probate has been opened, the Personal Representative is duty bound to notify all the devises/beneficiaries & heirs with a copy of the will. The next major event will be that the PR will need to share with the court a list of assets and valuations so that the appropriate probate fee may be calculated.

As others have suggested I would not count all the chickens prematurely.

I would certainly continue your plan to significantly lower your expenses/cash burn rate by seeking alternate housing.

-gauss

If it's in a trust it won't be public.
Chances are it sounds like the info of the trust was already shared with the family ahead of time.

There will still be legal fees, but he'll still be sitting well.

 

[gauss]

Ok,

If trust, does he have a copy of the trust and is the successor trustee listed?

If so the question would be then what is the date of the final trust vs the one that he has seen.

Trying to get ahead of any possible changes to theses documents near the end of life.

-gauss

 

[Big_Hitter]

I notice the thread title says "may".

OP, can you substitute facts for appearances?

 

[dallas27]

It is ironic that I am currently studying the ideas of Entitlement vs Moral Desert when this thread pops up....


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[easysurfer]

My view on inheritances is I don't expect to receive any from relatives and plan that relatives don't expect any from me. No hand rubbing in anticipation either way. I may leave $$ to some family members, but hopefully, they don't do the vulture thing .

 

[dd564]

I notice the thread title says "may".

OP, can you substitute facts for appearances?

Chances are he won't know the "facts" until the money is disbursed to everyone. That's probably why he said "may" in the first place.

Not a lot of people will post something like this unless they already have a pretty good idea that after everything is said and done, he'll still be netting a good chunk of money.

Yes, there can be last second changes that complicate things, but in many cases, the trust is created and not altered last second by a crazy member of the family. Yes, those instances do occur I'm sure, but it's probably the exception instead of the rule.

 

[aja8888]

I notice the thread title says "may".

OP, can you substitute facts for appearances?

Heck, he can't even keep facts straight on his current assets. Maybe if he reviewed what he posted on other forums before creating threads here, he could keep the "game" believable.

 

[Fermion]

My uncle was like a rolling stone. Where ever he left his hat was his home.

When he died, all he left us was alone.

 

[Mr._Graybeard]

My aunt recently died in her mid-90s. She and her husbands (she was widowed, then remarried) owned a sizable amount of farm land at one time. They also liked to live well and had lots of toys. Between their lifestyle and the cost of years in assisted living, her assets had dwindled to the point where she wasn't that far from eligibility for Medicaid. Funny to think that a woman I once considered considerably wealthy was nearly broke when she died. But that's the way it's supposed to work, isn't it?

Actually, it's probably a good thing that she didn't leave a big estate, because while she was childless, she had about 50 nieces and nephews! Heirs would have been coming out of the woodwork.

 

[dd564]

I'm a bit surprised by the tone aimed at the original poster.

Anyone could be excited to fall into a large sum of money. The fact that he's receiving this money doesn't make him love his aunt or uncle any less.

Others have questioned whether he visited frequently, etc. It's like there's a public shaming going on that he happens to be the beneficary of an inheritance.

If this was a forum based on "Loving your aunt and uncle" and someone posted this, I could see the reason for more outrage.

But this is a retirement forum in which much of the conversation is how to accumulate enough wealth to retire, keep, and possibly share with others (through charity or to the next generation through inheritance).

The OP's uncle and aunt by all measurable means, lived below their means, and the benefactor is being flamed because of it. Is this the purpose of trying to gain wealth to retire? So our sons / daughters / nephews / nieces can be flamed for accumulating wealth through inheritance?

 

[Big_Hitter]

I'm a bit surprised by the tone aimed at the original poster.

you must be new to the OPs published melodrama

 

[dd564]

you must be new to the OPs published melodrama

I am. I've only read this thread of his / hers.

 

[aja8888]

you must be new to the OPs published melodrama

Yes, 12 threads, mixed up personal statistics, no verification, story changes, immediate life changing events, etc. Do you really believe everything you read on the internet?

 

[FANOFJESUS]

I have long been convinced this is a troll, and I'm a little surprised at how much feeding it's getting.

I don't know if it is. I am sure my relatives think like this.

 

[ERD50]

My uncle was like a rolling stone. Where ever he left his hat was his home.

When he died, all he left us was alone.

I've always wondered if that line was:

When he died, all he left us was a loan.

Works either way. It is repeated in the chorus, it could be done both ways. Lyrics say "alone", but who knows?

-ERD50

 

[Bestwifeever]

Yes, 12 threads, mixed up personal statistics, no verification, story changes, immediate life changing events, etc. Do you really believe everything you read on the internet?

We could put links in the "what have you read lately" thread . Fiction or nonfiction? Discuss.

 

[Sunset]

OP - this is wonderful news, now as long as you don't blow the money or stay in your expensive COL , and continue your plan to move, you will be fine.

As for the investment, just dump the 1MM into the same type of funds you currently have 60/40 mix like VTI and BND and live off the dividends of your entire stash.

I was going to say something mean, but then I'd be criticized again for picking on OP.

 

[target2019]

Yes, 12 threads, mixed up personal statistics, no verification, story changes, immediate life changing events, etc. Do you really believe everything you read on the internet?

You are correct on the multiple threads.
Initially I take discussions here at face value. I do grow more cautious and skeptical as threads progress.

 

[Dawg52]

All the childless aunts and uncles on the forum just had visions of their nephews and nieces rubbing their hands at the thought of their death. Did you care for your aunt at all?

Ha, I thought the same. That's me.....no kids or spouse to leave my assets to. Two nephews and one niece. But we all get along fine so I do have everything set up to go to them. I do want to give some to various charities, but plan to do more of that as I age. BTW, I did have one aunt who left me everything. Nothing close to what the OP claims, but much appreciated never the less. We were very close and she was like a 2nd mother to me. She was 97 when she passed.

 

[bigcmagor]

Troll or not, I've been sufficiently motivated to initiate my first "ignore" designation.

 

[redduck]

Troll or not, I've been sufficiently motivated to initiate my first "ignore" designation.

You obviously have not read any of my postings.

 

[bigcmagor]

You obviously have not read any of my postings.

On the contrary, I became a fan with the description of how to create a "pole".

 

[GravitySucks]

I inherited $600 when my Grandmother died. Used it to pay Community College tuition. Great investment.
I suggest OP buy a boat big enough to live on, a real impressive sized boat... Great marinas in Alexandria.

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