Another birthday came & went, so my wife & I sat down to redo our wills & trusts. Many things have changed since the last updates, a decade ago, which is why I'm seeking advice.
First, the good news is that we're in great financial shape. Our home is paid off ($1.7 million), as is our rental property (two units, $1.6 million). Our investments have been affected by the stock market, of course, but still amount to approximately $1.5 million. we have quite a few other assets (artwork, precious metals, etc) that add another $2 million or so. I'm now 76, & my wife will turn 69 in 45 days.
On the negative side, we have a family that is dysfunctional, to say the least. My wife has no living family, which is good, as her brother stole hundreds of thousands from her mother's estate, before he died of cancer. My side includes an ex-wife, now deceased, thanks to my youngest son, who is a permanent reident of the state of Arizona. My daughter is a nutcase, who made so many threats, that we have a TRO, as well as a formal disinheritance. That leaves my oldest son, who lives nearby, & three grandkids.
Our son is the logical Executor, but therein lies the problem. His wife is Japanese, with an elderly mother who lives in Tokyo. She is in her mid-80s & healthy, but as soon as she needs help, our son & his wife are moving to Japan, permanently, to live in the house that her mother owns. I have two younger sisters, neither of whom are healthy enough to be the Executor. Two of the three grandkids are still in college, & the third refuses to even talk about wills.
My wife & I own two corporations, so our estate is fairly complex. We have a good estate attorney, who is a fellow Rotarian, but no one to act as our primary Executor, as our son's wife wants nothing to do with anything that might slow down their relocation, when her mother eventually needs help.
So, I'm left with a lovely home in Hawaii that overlooks the Pacific Ocean, but no one who wants to live in it. Do any if you have a similar situation, or at least a good answer?
First, the good news is that we're in great financial shape. Our home is paid off ($1.7 million), as is our rental property (two units, $1.6 million). Our investments have been affected by the stock market, of course, but still amount to approximately $1.5 million. we have quite a few other assets (artwork, precious metals, etc) that add another $2 million or so. I'm now 76, & my wife will turn 69 in 45 days.
On the negative side, we have a family that is dysfunctional, to say the least. My wife has no living family, which is good, as her brother stole hundreds of thousands from her mother's estate, before he died of cancer. My side includes an ex-wife, now deceased, thanks to my youngest son, who is a permanent reident of the state of Arizona. My daughter is a nutcase, who made so many threats, that we have a TRO, as well as a formal disinheritance. That leaves my oldest son, who lives nearby, & three grandkids.
Our son is the logical Executor, but therein lies the problem. His wife is Japanese, with an elderly mother who lives in Tokyo. She is in her mid-80s & healthy, but as soon as she needs help, our son & his wife are moving to Japan, permanently, to live in the house that her mother owns. I have two younger sisters, neither of whom are healthy enough to be the Executor. Two of the three grandkids are still in college, & the third refuses to even talk about wills.
My wife & I own two corporations, so our estate is fairly complex. We have a good estate attorney, who is a fellow Rotarian, but no one to act as our primary Executor, as our son's wife wants nothing to do with anything that might slow down their relocation, when her mother eventually needs help.
So, I'm left with a lovely home in Hawaii that overlooks the Pacific Ocean, but no one who wants to live in it. Do any if you have a similar situation, or at least a good answer?
