iam21177
Recycles dryer sheets
- Joined
- May 26, 2011
- Messages
- 159
So I have a goal of setting up our wills and living wills in 2014. Since we're not having kids, and all of our nieces and nephews are minors (6 under the age of 7), how do the other people on here without offspring divvy their money? I'm guessing you'd have to set up something a little more advance if you're involving minors.
I have 2 younger sisters and H has 1 younger sister (all of which have produced 2 kids each).
If one of us died before the other, those retirement accounts now get moved into the survivors name (they don't stay in the deceased's name)? So when the survivor passes, the $ could be divvied among the 3 sisters evenly. However, if one of us goes on to live without the other for 20 years, I seriously doubt we'll even be in touch with the deceased's family.
Or if we both pass together in an accident, then we'd need to know how to divvy it based on which account is whose as they will be in our individual names at that time? Like accounts with my name I'd have to declare how it's divvied, and likewise with accounts in his name?
H and I are 35 & 37. Our sisters are 36, 35, and 31. So we're not THAT much older. We're not even that close. Maybe see them each once a year.
We only suggested sisters and nieces/nephews as some options, but there could be others. Parents? I have my mom, and he has both parents. Charity? Our dog? She is 10.5 though.
We are actually very stuck on this! Just wondering how others have done it (without offspring).
I have 2 younger sisters and H has 1 younger sister (all of which have produced 2 kids each).
If one of us died before the other, those retirement accounts now get moved into the survivors name (they don't stay in the deceased's name)? So when the survivor passes, the $ could be divvied among the 3 sisters evenly. However, if one of us goes on to live without the other for 20 years, I seriously doubt we'll even be in touch with the deceased's family.
Or if we both pass together in an accident, then we'd need to know how to divvy it based on which account is whose as they will be in our individual names at that time? Like accounts with my name I'd have to declare how it's divvied, and likewise with accounts in his name?
H and I are 35 & 37. Our sisters are 36, 35, and 31. So we're not THAT much older. We're not even that close. Maybe see them each once a year.
We only suggested sisters and nieces/nephews as some options, but there could be others. Parents? I have my mom, and he has both parents. Charity? Our dog? She is 10.5 though.
We are actually very stuck on this! Just wondering how others have done it (without offspring).
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