I have a Will and might die intestate

[david born 1950]

I am 73, have an estate worth about one million (savings and inheritance, no real estate or car). I have a fear that will not subside. I have NO family (that I can communicate with), NO friends (childhood peers did not like queers), NO sense of trust for anyone. (I developed in life with an introverted personality, making myself my best friend.) I do not know what to do concerning my dilemma with my Will.

I wrote my Will myself, and attached it to a PA self-proving affidavit, which was notarized and signed by two witnesses (at a bank). I showed the combination at a legal clinic and was told that the Will is entirely valid.

Yet, I might die intestate. I stated that I wanted to leave everything to Doctors without Borders (Medecins sans Frontieres). But ... while I am of sound mind, I simply cannot allow access, even to a reputable lawyer, to my bank accounts or safe deposit boxes by giving keys and authorization. The fiduciary principle means less than it should to me ... I simply see someone other than myself on my accounts. Are there others who have as profound a fear about this?

I have looked into the living trust alternative to probate and fear that the designated trustee will not be monitored by any court (at least that is what NOLO says). An executor of a Will is readily monitored, but such executor needs asset access well before the court proceeds; in other words, while I am still living and of sound mind. Ideally, I would want such access solely after I am incapacitated for at least a month (then let me die) or, immediately, if i am dead. Otherwise, I would not be able to sleep if I knew that such 'fiduciary' had such preliminary access, no matter how stellar the reputation. (Asking me to 'get over it' is futile.)

[MOD EDIT]

My fear is real, my conclusions are sounder than most wish to believe, and ... yet, for all my thinking about this, I am saddened by my incapacity to develop an alternative which, to me, makes a more profound sense of common sense. - David

 

[MichaelB]

Yet, I might die intestate. I stated that I wanted to leave everything to Doctors without Borders (Medecins sans Frontieres). But ... while I am of sound mind, I simply cannot allow access, even to a reputable lawyer, to my bank accounts or safe deposit boxes by giving keys and authorization. The fiduciary principle means less than it should to me ... I simply see someone other than myself on my accounts. Are there others who have as profound a fear about this?

While you are alive you don’t need to give anyone access to your financial accounts. What you need to do is give someone access to your will so that it is made available when needed.

 

[cathy63]

... but such executor needs asset access well before the court proceeds; in other words, while I am still living and of sound mind.

No, your executor does not need access to your assets before you die. You technically don't even have to name an executor in your will as your state's laws will come into play and the probate court will name someone if needed. The main thing is that someone needs to know you've died and have (or be able to get) a copy of your will and file it with the probate court.

However, since you don't own a home or car and you want all your financial assets to pass to MSF, you could look into naming them as a payable-on-death beneficiary on all your accounts. Then when you die, someone just needs to notify your bank/brokerage and MSF so the money in the accounts can be transferred to them outside of probate. Then your will would only cover your personal belongings.

 

[Sunset]

No, your executor does not need access to your assets before you die. You technically don't even have to name an executor in your will as your state's laws will come into play and the probate court will name someone if needed. The main thing is that someone needs to know you've died and have (or be able to get) a copy of your will and file it with the probate court.

However, since you don't own a home or car and you want all your financial assets to pass to MSF, you could look into naming them as a payable-on-death beneficiary on all your accounts. Then when you die, someone just needs to notify your bank/brokerage and MSF so the money in the accounts can be transferred to them outside of probate. Then your will would only cover your personal belongings.

Excellent advice, simple and direct.

After OP has made the changes of POD/TOD to the accounts, OP could tell the charity of his estate plan, I'm sure other people tell them such information, even if it's just "you are in my Will", etc. so they are familiar with it.

Without any friends/family (no siblings ? ) it is a puzzle how OP tells the charity about his death

 

[Birdie Num Nums]

I also own no real estate.

I've named my brother as the "payable on death" (POD) beneficiary of my main bank account (checking and savings). (I'll change that if he passes before me.)

And I have named beneficiaries for ALL my other bank, mutual fund and brokerage accounts. That amounts to some 95% of my assets.

I also have a will, but it almost superfluous in terms of asset beneficiaries. The will also covers some other things, like my cremation wishes, executor, residual estate, etc. But, like I said, virtually all (if not all) financial assets are covered by beneficiary designations I have made by contacting and informing my account holders -- all done online by the way.

Finally, although I have no personal experience with this, I think virtually all major charities have a department to assist you and/or a form to use for designating them as beneficiaries.

 

[Birdie Num Nums]

[snip]
Without any friends/family (no siblings ? ) it is a puzzle how OP tells the charity about his death

Inform your financial account holder (Vanguard, Fidelity, Bank of America) that X charity is the beneficiary of that specific account. Your can also designate multiple charities for any financial account.

Now, once you pass away, how does that financial institution know of your demise? Myself, I've got a large extended family. But I've also written letters to my beneficiaries with the relevant account numbers listed as applicable to that beneficiary, haven't mailed them, and just put them in my little personal safe. Someone is bound to find that safe when going through my things afterward...I hope.

 

[Whisper66]

Given that you feel you cannot trust anyone, maybe just put the challenge in the hands of the beneficiary you wish to receive your assets? Contact the Doctors without Borders Director of Philantrophy (https://www.doctorswithoutborders.org/get-involved/ways-to-give/planned-giving ). Explain your situation and see what they would suggest. Maybe they would suggest one of their lawyers being your Executor, you file your will with them, and that they contact you periodically so they would learn if you passed....I don't know but they should be able to come up with something acceptable to you given your generosity. Good luck.

 

[athena53]

I also have a will, but it almost superfluous in terms of asset beneficiaries. The will also covers some other things, like my cremation wishes, executor, residual estate, etc..

Make sure your brother knows of your wishes for cremation, memorials, etc., too. Often a will isn’t opened till a few weeks after death.

 

[david born 1950]

Again, (read carefully): I have no family, no friends. I know of no one.

 

[david born 1950]

Have already tried the POD route. Bank will accept individual but NOT charity or non profit. Sometimes what SOUNDS like a simple reply is not going to work.

 

[david born 1950]

Again, a highly rational attempt that I had first thought of until the bank rejected the ability to place a charity into a POD account.

 

[david born 1950]

Inform your financial account holder (Vanguard, Fidelity, Bank of America) that X charity is the beneficiary of that specific account. Your can also designate multiple charities for any financial account.

Now, once you pass away, how does that financial institution know of your demise? Myself, I've got a large extended family. But I've also written letters to my beneficiaries with the relevant account numbers listed as applicable to that beneficiary, haven't mailed them, and just put them in my little personal safe. Someone is bound to find that safe when going through my things afterward...I hope.

First, I keep changing banks in order to chase interest rates. Second, most banks will NOT allow a charity to be the beneficiary of a POD account. I could choose a lawyer as executor but he will want access to my bank accounts.

 

[david born 1950]

Given that you feel you cannot trust anyone, maybe just put the challenge in the hands of the beneficiary you wish to receive your assets? Contact the Doctors without Borders Director of Philantrophy (https://www.doctorswithoutborders.org/get-involved/ways-to-give/planned-giving ). Explain your situation and see what they would suggest. Maybe they would suggest one of their lawyers being your Executor, you file your will with them, and that they contact you periodically so they would learn if you passed....I don't know but they should be able to come up with something acceptable to you given your generosity. Good luck.

Let me whisper something to you, Whisper: you have provided the most rational response so far. I will look into this, as long as such a decision is revocable. Why? I am paranoid enough to entertain the remote possibility that MSF could someday be enveloped into a financial scandal. The best of us can fall from grace. But letting the onus fall upon the charity is a point well attempted.

 

[david born 1950]

Make sure your brother knows of your wishes for cremation, memorials, etc., too. Often a will isn’t opened till a few weeks after death.

So very prescient and foreboding at the same time, Athena. Two weeks ago I had to find out something from my father's obituary from 2013. I will offer my surname: [MOD EDIT]. Lo and behold when I googled William [MOD EDIT], my BROTHER'S (GEOFFREY) obituary came up as well. Astoundingly, he had died THREE DAYS PRIOR and his memorial was taking place THAT VERY DAY. I had been totally estranged from him and his two boys since my father died in 2013.

 

[david born 1950]

Inform your financial account holder (Vanguard, Fidelity, Bank of America) that X charity is the beneficiary of that specific account. Your can also designate multiple charities for any financial account.

Now, once you pass away, how does that financial institution know of your demise? Myself, I've got a large extended family. But I've also written letters to my beneficiaries with the relevant account numbers listed as applicable to that beneficiary, haven't mailed them, and just put them in my little personal safe. Someone is bound to find that safe when going through my things afterward...I hope.

No one will know that I have died. No one. How do I get cremated and have the ashes flushed down the nearest toilet? I am still new to this morass of the difficulty of dying. And what if I am mentally even worse than I am now

 

[badatmath]

You keep saying the executor will want access to your accounts. That is simply not true.

 

[david born 1950]

My questions are pressing but telling me to notify someone just is meaningless and non-existent in my case. When I die, my landlord will through everything out so he can rent the efficiency pronto. Traditional responses do not apply in my case. - David

 

[david born 1950]

You keep saying the executor will want access to your accounts. That is simply not true.

For the executor to pay the beneficiary, he must have full access to my funds

 

[skyking1]

The will provides for that access, along with the death certificate. It need not be in place beforehand.

 

[badatmath]

Well but they don't need access while you are alive. . .

And the mortuary will notify Social Security you are dead so the bank will know. . .

 

[david born 1950]

One comment I will not accept about me is the fact that I am "generous". Any accusing me of that had better be ready to explain why. When I am dead, where is the generosity? To be able to save some lives, while still remaining selfish during my life, is like getting two for the price of one. And, alas, if I need personal assistance or nursing home...there goes the million (unless I suicide the problem away to save the MSF donation). There are many facets to the non-conventional aspects of this existential existence we attempt to call "life". - David

 

[euro]

For the executor to pay the beneficiary, he must have full access to my funds

Yes, but only AFTER your death.

 

[david born 1950]

Well but they don't need access while you are alive. . .

And the mortuary will notify Social Security you are dead so the bank will know. . .

So very optimistic but so wrong. Few banks, if any, check with the SSA for deaths. They will not know and I have this info from lawyers. CITIZENS BANK does.

When executor goes before probate court he must be in possession of assets in order to pay beneficiaries. Exception is POD account. But few banks accept charities as POD.

 

[JBTX]

Look for an executor fiduciary - which could be a law firm or other type of firm. Or set up an appointment with an estate planning attorney. I am sure these questions have answers or solutions. I also like the idea of calling the charity.

You could look into a charitable remainder trust.

Of course whatever you do you are going to have to trust somebody. If you can’t get past that I’m not sure the forum can help you.

 

[david born 1950]

Look for an executor fiduciary - which could be a law firm or other type of firm. Or set up an appointment with an estate planning attorney. I am sure these questions have answers or solutions. I also like the idea of calling the charity.

You could look into a charitable remainder trust.

Of course whatever you do you are going to have to trust somebody. If you can’t get past that I’m not sure the forum can help you.

You might just be right but "help" sometime accretes by dribs and drabs. What I am seeing here are noble, forthright attempts, albeit many are naive but well intended.