No kids. Who do we put in the will?

[brett]

If you are hard pressed to find a beneficiary I can help you out with this.

Should I send my details?

 

[Music Lover]

For those of you having a hard time deciding who to give money to...start spending some/more of it on yourself.

 

[Koolau]

For those of you having a hard time deciding who to give money to...start spending some/more of it on yourself.

At this stage in life, that approach brings very little additional pleasure.

I actually am finding more pleasure in figuring out new ways to be frugal - go figure! I realize everyone is different, so YMMV.

 

[MichaelB]

For those of you having a hard time deciding who to give money to...start spending some/more of it on yourself.

At this stage in life, that approach brings very little additional pleasure.

I actually am finding more pleasure in figuring out new ways to be frugal - go figure! I realize everyone is different, so YMMV.

I agree with Koolau. Changing one’s spending habits after a lifetime of saving is easy to suggest but very difficult to do.

 

[rmcelwee]

Are there things you are passionate about that you would like to make an impact on? I saw that you mentioned scholarships which is a great way to give back. Is there a group that you would like the scholarship to target?

A welding or plumbing class would be my first thought.

 

[Dash man]

Have you suggested funding 529 plans for them and you keep control of the money?

 

[mystang52]

I want to give money (annually?) to my favorite nieces and nephews while they are young enough to benefit from the extra money. By the time we pass (if natural causes), they should all be FI or close to it. Seems pointless to me to give them money then, though I'm sure they'd still appreciate it.

But DW is adamant against it. When I ask why she's never given a reason, just "we're not giving them money." It's not that she doesn't care about the nieces/nephews as they are all from her brothers and sister. Any advice on how to sway her?

Knock on wood, my kids are doing well. While we do give $$ every month to both sets of grandkids, I'd like to give more but DW is likewise resistant. But she stated the reason. Notwithstanding our FI, and great health and LTC insurance, she is concerned for financing a serious years-long health decline.

 

[Gumby]

I understand the reluctance. The young wife and I have no children or other backstop, so end of life care will be entirely on our own shoulders. I want to keep enough money to make sure we can pay people to do what we need done. After we're gone, I don't really care who gets the money.

 

[Daisaroo2]

I have been lurking around here for more than three years and have enjoyed reading and learning about early retirement. I finally registered today, and it was this thread that gave me the final push to make my first comment. Eventually, I will do a more formal introduction, but for now...

I would like to appeal to the OP to consider their local schools. There are many not so affluent districts out there that could use funds to help students in need. The Mrs. and I work in schools with a wide range of students from differing socioeconomic status. In the same class we may have a student that goes to the Bahamas for Thanksgiving break and another that is currently homeless and the only meals they get are at school.

There are so many students that are in need. How about donating to help a student go on a field trip? For many, even a $25 trip is cost prohibitive. Donating a few bucks can give a student an opportunity they may never have again. No student wants to be the one left back at school while everyone else is off enjoying themselves.

There are many students that don't have enough money for school supplies. You could donate some backpacks, pens, pencils, binders, notebooks...whatever.

Winter clothes - hats, coats, gloves, mittens, hoodies, etc.

Sneakers, sweats, socks, even gift cards are great. School staff can go buy what the students actually need.

Contact the local PTO/PTA and see what they need and how you can help.

Also, I really need to also suggest your local animal shelters. These people volunteer their time and are always in need of supplies. Not just food - paper towels, blankets, peanut butter, cleaner,, etc.

OP - Please don't wait until you are gone. Your help is needed NOW.

Thank you all for letting me have this opportunity to get up on my soapbox.

 

[Stormy Kromer]

I have been lurking around here for more than three years and have enjoyed reading and learning about early retirement. I finally registered today, and it was this thread that gave me the final push to make my first comment. Eventually, I will do a more formal introduction, but for now...

I would like to appeal to the OP to consider their local schools. There are many not so affluent districts out there that could use funds to help students in need. The Mrs. and I work in schools with a wide range of students from differing socioeconomic status. In the same class we may have a student that goes to the Bahamas for Thanksgiving break and another that is currently homeless and the only meals they get are at school.

There are so many students that are in need. How about donating to help a student go on a field trip? For many, even a $25 trip is cost prohibitive. Donating a few bucks can give a student an opportunity they may never have again. No student wants to be the one left back at school while everyone else is off enjoying themselves.

There are many students that don't have enough money for school supplies. You could donate some backpacks, pens, pencils, binders, notebooks...whatever.

Winter clothes - hats, coats, gloves, mittens, hoodies, etc.

Sneakers, sweats, socks, even gift cards are great. School staff can go buy what the students actually need.

Contact the local PTO/PTA and see what they need and how you can help.

Also, I really need to also suggest your local animal shelters. These people volunteer their time and are always in need of supplies. Not just food - paper towels, blankets, peanut butter, cleaner,, etc.

OP - Please don't wait until you are gone. Your help is needed NOW.

Thank you all for letting me have this opportunity to get up on my soapbox.

Wow. Thanks for showing up. Best post I have seen in years.

 

[rmcelwee]

Contact the local PTO/PTA and see what they need and how you can help.

Also, I really need to also suggest your local animal shelters. These people volunteer their time and are always in need of supplies. Not just food - paper towels, blankets, peanut butter, cleaner,, etc.

I will contact the PTA of my local elementary school and see what they say.

We have donated a lot to the local animal shelters where we used to live (18 months ago). I'll see what the "new" local ones need.

We live in a pretty poor area in east TN. I'll see what I can do with the above.

We are not church people but I think I will be helping a local church build beds for children without them this weekend (a neighbor is doing this with their church).

 

[Koolau]

I have been lurking around here for more than three years and have enjoyed reading and learning about early retirement. I finally registered today, and it was this thread that gave me the final push to make my first comment. Eventually, I will do a more formal introduction, but for now...

I would like to appeal to the OP to consider their local schools. There are many not so affluent districts out there that could use funds to help students in need. The Mrs. and I work in schools with a wide range of students from differing socioeconomic status. In the same class we may have a student that goes to the Bahamas for Thanksgiving break and another that is currently homeless and the only meals they get are at school.

There are so many students that are in need. How about donating to help a student go on a field trip? For many, even a $25 trip is cost prohibitive. Donating a few bucks can give a student an opportunity they may never have again. No student wants to be the one left back at school while everyone else is off enjoying themselves.

There are many students that don't have enough money for school supplies. You could donate some backpacks, pens, pencils, binders, notebooks...whatever.

Winter clothes - hats, coats, gloves, mittens, hoodies, etc.

Sneakers, sweats, socks, even gift cards are great. School staff can go buy what the students actually need.

Contact the local PTO/PTA and see what they need and how you can help.

Also, I really need to also suggest your local animal shelters. These people volunteer their time and are always in need of supplies. Not just food - paper towels, blankets, peanut butter, cleaner,, etc.

OP - Please don't wait until you are gone. Your help is needed NOW.

Thank you all for letting me have this opportunity to get up on my soapbox.

Thanks for your first post. Yes, do, please introduce yourself in the "Hi, I am..." forum.

Thanks for your contribution to education.

 

[F.I.R.E User]

We recently FIRE'd and are thinking about getting a will written. We are mid-50's with no kids and a modest lifestyle. I expect we would be leaving an estate in the high seven figures, low eight figures. The only thing we have come up with so far is finding 20 things to leave 5% each. We would like to include the two kids (now 5 & 6 years old) who live across the street from us and our four nieces/nephews (12 to 20 years old). In addition I would like to start two or three scholarships to a local trade school. That is nine things (45%) so far. What else? Since we just started having this conversation I am very open minded and would love to hear your suggestions. Thanks!

What about thinking of spending it down to near zero? What about parents? Siblings?

 

[OldShooter]

... I would like to appeal to the OP to consider their local schools. There are many not so affluent districts out there that could use funds to help students in need. The Mrs. and I work in schools with a wide range of students from differing socioeconomic status. In the same class we may have a student that goes to the Bahamas for Thanksgiving break and another that is currently homeless and the only meals they get are at school.

There are so many students that are in need. How about donating to help a student go on a field trip? For many, even a $25 trip is cost prohibitive. Donating a few bucks can give a student an opportunity they may never have again. No student wants to be the one left back at school while everyone else is off enjoying themselves.

There are many students that don't have enough money for school supplies. You could donate some backpacks, pens, pencils, binders, notebooks...whatever.

Winter clothes - hats, coats, gloves, mittens, hoodies, etc.

Sneakers, sweats, socks, even gift cards are great. School staff can go buy what the students actually need.

Contact the local PTO/PTA and see what they need and how you can help.

Also, I really need to also suggest your local animal shelters. These people volunteer their time and are always in need of supplies. Not just food - paper towels, blankets, peanut butter, cleaner,, etc.

OP - Please don't wait until you are gone. Your help is needed NOW. ...

We maintain a fund with the local community foundation. It is designated as a "crisis fund" and receives applications from local public schools among other intermediaries. One year we funded car parts so the high school auto maintenance class could repair a couple of cars which were then donated to people who needed them. Other times we have donated winter clothing to grade-schoolers. A local pastor has applied for and received grocery store gift cards to help families in crisis. The foundation does the screening and distributes the money. We just top up the fund (via QCD) once in a while. This is all small-dollar stuff but high impact to recipients. Very satisfying. Something like this would also be very easy to set up in an estate plan.

 

[oscar1]

I’ll send my address info for the paperwork! Lol

 

[catii]

Have to keep an eye on things, these days. A 7-figure bequest just got pulled from a major university, due to their antisemitic support! I don't normally care if a donee supports causes I don't like, but if they go public against LGBTQ, a specific race, etc., then I'll reallocate. I also send a letter to the trustees telling them what they aren't going to receive, & why.

 

[catii]

Thanks for your contribution to education.

There are exceptions, & Hawaii might be one of them. My wife & I ran our computer consulting company for 32 years, & in that time, we were unable to hire a single local graduate who lasted longer than his/her 3-month trial period! In fact, the majority didn't make it through the first month! That included two job candidates who had been "awarded" local PhDs!

It's tremendously expensive to hire employees from out of state, but that's what we were forced to do, thanks to the abysmal local education system! The local Dept. of Education spends more per student than almost any other state, so throwing more money at them isn't going to solve the endemic problem of really-bad teaching techniques.

We did our best to support local education, & my Hawaii Computers for Kids Program has put tens of thousands of computer systems into PK-12 schools since 1991. The many students who benefitted from that training wisely moved out of state to get their advanced degrees.

My point is to just be very careful when it comes to giving bequests to schools.

 

[imnontrad]

You have a lot of options.
1. Niece and nephews plus long time friends
2. A cause you care about
3. Establish a scholarship fund at a college or tech school
4. Charities - in the US and abroad (I know a school in Kenya who would love donations - their 6 teachers make $1,000/year and teach over 600 students in rooms with only one bare lightbulb)
5. Is there a nearbys young family that you have befriended? Set money aside so their children can go to tech school/college.

 

[Birdie Num Nums]

We recently FIRE'd and are thinking about getting a will written. We are mid-50's with no kids and a modest lifestyle. I expect we would be leaving an estate in the high seven figures, low eight figures. The only thing we have come up with so far is finding 20 things to leave 5% each. [snip]

Man, if I had half that amount, in addition to having a will to deal with any remaining estate down the road, I'd enjoy giving away lots of it while I'm still alive. See/find a current need, help out now.

 

[Happy30]

Spend more on yourself and enjoy the fruits of your labor!

 

[RoBo]

To consider

We recently FIRE'd and are thinking about getting a will written. We are mid-50's with no kids and a modest lifestyle. I expect we would be leaving an estate in the high seven figures, low eight figures. The only thing we have come up with so far is finding 20 things to leave 5% each. We would like to include the two kids (now 5 & 6 years old) who live across the street from us and our four nieces/nephews (12 to 20 years old). In addition I would like to start two or three scholarships to a local trade school. That is nine things (45%) so far. What else? Since we just started having this conversation I am very open minded and would love to hear your suggestions. Thanks!

What is the goal of your philanthropy? Your philanthropic choices look to be gratifying for both of you after what I presume to be a very hard working and successful life. If the idea is to leave a legacy that makes the two of you feel good, your plan seems reasonable and something that your years of hard work have bought you!.
Alternatively, if the idea is to do the most “good” (and it may not be), then, with respect, I suggest your approach misses the mark. A place to start thinking about the way that your estate can do the most “good” is the web site of an organization, The Life You Can Save. https://www.thelifeyoucansave.org/blog/peter-singer-on-the-best-ways-to-give-back/
They make the argument that, "while any charitable giving may be better than none, not all charitable giving is equally effective or impactful. Therefore, we have a moral obligation to support the most effective, impactful charities we can."

 

[us271934]

We are facing a similar situation. Until this year we were leaving it all to our daughter but she passed unexpectedly. We have a couple of nieces (my sister's 2 daughters) and their combined 6 kids but have had almost zero contact with them in the last couple of decades. One niece's 2 kids that graduated from high school and college the same year sent us 'announcements' but somehow their thank you notes for our congratulations and monetary gifts were lost by the Post Office. They were homeschooled and religious ---> not that I'm saying they were typical.......

My spouse's family tree shrunk down to just her and her 88 year old mother (spouse's brother has passed and so has his single child)(not much connection to his 3 wives, one of which has also passed).
We are still working through our own daughter's passing and have had some conversations on this subject regarding inheritance. As we are advocates for abandoned pets I'm inclined to leave a good chunk to those causes and the other chunk to Direct Relief (they are worth a look by anybody).
This is a subject worth taking your time to ponder and to discuss with friends and people less involved in the outcome. Good luck.

 

[O2Bfree]

Sorry to hear about your daughter. Hope you two are finding some comfort.

 

[youbet]

. One niece's 2 kids that graduated from high school and college the same year sent us 'announcements' but somehow their thank you notes for our congratulations and monetary gifts were lost by the Post Office. They were homeschooled and religious ---> not that I'm saying they were typical.......

Yeah, that definitely would NOT be typical of home-schooled and religious kids, so you're very correct in not spreading that as typical. It's definitely not.

 

[JoeWras]

Have to keep an eye on things, these days. A 7-figure bequest just got pulled from a major university, due to their antisemitic support! I don't normally care if a donee supports causes I don't like, but if they go public against LGBTQ, a specific race, etc., then I'll reallocate. I also send a letter to the trustees telling them what they aren't going to receive, & why.

That's one of the benefits of the DAF. You can change the charities easily. No need to amend the will.