Will: Leaving property to beneficiaries until their deaths only
I am in the process of writing my will and overall it's a very simple one, apart from one thing: I would like to leave some money for my brother to help him take care of my parents until they die. Once both my parents die, I would like the money to be transferred to my wife or, in case she is deceased, my children.
I am using WillMaker Plus to write the will, and I was confident this was not rocket science and a lot of people need these specific bequests all the time. I am either missing something or this tool is extremely simple, borderline trivial. All I can write is a basic chain of beneficiaries and specify some bequests, but nothing much further.
I understand I could set up a trust to do this and elect the trust as my beneficiary (is that maybe what I'm missing?), but my conditions are very simple in my point of view, and the relationship between my immediate family and extended family is excellent, so I would not like to have to go through the hassle of setting up a trust.
trusts will
asked 2 days ago
Phil
529311
add a comment |
I am in the process of writing my will and overall it's a very simple one, apart from one thing: I would like to leave some money for my brother to help him take care of my parents until they die. Once both my parents die, I would like the money to be transferred to my wife or, in case she is deceased, my children.
I am using WillMaker Plus to write the will, and I was confident this was not rocket science and a lot of people need these specific bequests all the time. I am either missing something or this tool is extremely simple, borderline trivial. All I can write is a basic chain of beneficiaries and specify some bequests, but nothing much further.
I understand I could set up a trust to do this and elect the trust as my beneficiary (is that maybe what I'm missing?), but my conditions are very simple in my point of view, and the relationship between my immediate family and extended family is excellent, so I would not like to have to go through the hassle of setting up a trust.
trusts will
asked 2 days ago
Phil
529311
7
It's rocket science. Because, there are other people on the playfield who might argue about it.
– Harper
2 days ago
add a comment |
I am in the process of writing my will and overall it's a very simple one, apart from one thing: I would like to leave some money for my brother to help him take care of my parents until they die. Once both my parents die, I would like the money to be transferred to my wife or, in case she is deceased, my children.
I am using WillMaker Plus to write the will, and I was confident this was not rocket science and a lot of people need these specific bequests all the time. I am either missing something or this tool is extremely simple, borderline trivial. All I can write is a basic chain of beneficiaries and specify some bequests, but nothing much further.
I understand I could set up a trust to do this and elect the trust as my beneficiary (is that maybe what I'm missing?), but my conditions are very simple in my point of view, and the relationship between my immediate family and extended family is excellent, so I would not like to have to go through the hassle of setting up a trust.
trusts will
asked 2 days ago
Phil
529311
I am in the process of writing my will and overall it's a very simple one, apart from one thing: I would like to leave some money for my brother to help him take care of my parents until they die. Once both my parents die, I would like the money to be transferred to my wife or, in case she is deceased, my children.
I am using WillMaker Plus to write the will, and I was confident this was not rocket science and a lot of people need these specific bequests all the time. I am either missing something or this tool is extremely simple, borderline trivial. All I can write is a basic chain of beneficiaries and specify some bequests, but nothing much further.
I understand I could set up a trust to do this and elect the trust as my beneficiary (is that maybe what I'm missing?), but my conditions are very simple in my point of view, and the relationship between my immediate family and extended family is excellent, so I would not like to have to go through the hassle of setting up a trust.
trusts will
trusts will
asked 2 days ago
Phil
529311
asked 2 days ago
Phil
529311
asked 2 days ago
Phil
529311
asked 2 days ago
Phil
529311
asked 2 days ago
Phil
529311
529311
7
It's rocket science. Because, there are other people on the playfield who might argue about it.
– Harper
2 days ago
add a comment |
7
It's rocket science. Because, there are other people on the playfield who might argue about it.
– Harper
2 days ago
7
7
It's rocket science. Because, there are other people on the playfield who might argue about it.
– Harper
2 days ago
It's rocket science. Because, there are other people on the playfield who might argue about it.
– Harper
2 days ago
add a comment |
2 Answers
2
active
oldest
votes
Your wish is to leave money to your brother to help him take care of your parents until they die with the condition that any balance of the money to be transferred to your wife or, if she is deceased, to your children.
The fulfillment of this wish will depend on your brother honoring your request should you predecease your parents and then your parents pass on. Though not a lawyer, I don't think that there's anything in a will that will prevent your brother from keeping the money once he has possession of the money in question rather than passing it on.
If you set up a simple revocable trust, you can include in its will any conditions that make sense. You can dole out "X" dollars per year to your brother until your parents pass. You can write any kind of self adjusting formula that amuses you.
You could name your brother or wife or any other trusted person (family friend, lawyer, etc.) as the executor. If your estate is large enough (perhaps low to mid six figures), the trust department of your local bank can be named executor and it has a fiduciary responsibility to carry out the will's provision.
The short answer is that you should consult with a lawyer to find out what options are available to you and what, if any, limitations exist.
answered 2 days ago
Bob Baerker
14.6k11948
Thanks for the reply. I also have the problem that my wife and I live in a different country than my brother and parents, so that's where setting up a trust gets complicated.
– Phil
2 days ago
4
One issue is: how do you determine what is “your” money versus “your brother’s” money. Without some external apparatus like a trust, your brother could simply say that he has spent all “your” money.
– Peter K.
2 days ago
I don't see domicile in different countries as a problem. In fact, I have this situation in my will. The only problem might be if the beneficiaries move around and you don't provide updated info to the will/trust (the executor may have to spend time and money to locate them, bumping up their fees). Then, all that matters is that you live in a country where there's rule of law.
– Bob Baerker
2 days ago
@PeterK. Yes, but the idea is that only the interest earned on the money would be spent, and my wife and children would have visibility into it and/or be given reports on how the amounts were spent.
– Phil
2 days ago
2
Recommend putting the lawyer recommendation at the top.
– jpmc26
2 days ago
|
show 1 more comment
See a lawyer who specializes in Wills and Estates. The problem is that you don't know what you don't know about this subject. They can foresee the problems which may be created by your amateur will preparation. Don't leave a mess behind as your legacy.
answered yesterday
Susan
111
New contributor
Susan is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
Your Answer
StackExchange.ready(function() {
var channelOptions = {
tags: "".split(" "),
id: "93"
};
initTagRenderer("".split(" "), "".split(" "), channelOptions);
StackExchange.using("externalEditor", function() {
// Have to fire editor after snippets, if snippets enabled
if (StackExchange.settings.snippets.snippetsEnabled) {
StackExchange.using("snippets", function() {
createEditor();
});
}
else {
createEditor();
}
});
function createEditor() {
StackExchange.prepareEditor({
heartbeatType: 'answer',
autoActivateHeartbeat: false,
convertImagesToLinks: true,
noModals: true,
showLowRepImageUploadWarning: true,
reputationToPostImages: 10,
bindNavPrevention: true,
postfix: "",
imageUploader: {
brandingHtml: "Powered by u003ca class="icon-imgur-white" href="https://imgur.com/"u003eu003c/au003e",
contentPolicyHtml: "User contributions licensed under u003ca href="https://creativecommons.org/licenses/by-sa/3.0/"u003ecc by-sa 3.0 with attribution requiredu003c/au003e u003ca href="https://stackoverflow.com/legal/content-policy"u003e(content policy)u003c/au003e",
allowUrls: true
},
noCode: true, onDemand: true,
discardSelector: ".discard-answer"
,immediatelyShowMarkdownHelp:true
});
}
});
Sign up or log in
StackExchange.ready(function () {
StackExchange.helpers.onClickDraftSave('#login-link');
});
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
StackExchange.ready(
function () {
StackExchange.openid.initPostLogin('.new-post-login', 'https%3a%2f%2fmoney.stackexchange.com%2fquestions%2f103348%2fwill-leaving-property-to-beneficiaries-until-their-deaths-only%23new-answer', 'question_page');
}
);
Post as a guest
Required, but never shown
2 Answers
2
active
oldest
votes
2 Answers
2
active
oldest
votes
active
oldest
votes
active
oldest
votes
Your wish is to leave money to your brother to help him take care of your parents until they die with the condition that any balance of the money to be transferred to your wife or, if she is deceased, to your children.
The fulfillment of this wish will depend on your brother honoring your request should you predecease your parents and then your parents pass on. Though not a lawyer, I don't think that there's anything in a will that will prevent your brother from keeping the money once he has possession of the money in question rather than passing it on.
If you set up a simple revocable trust, you can include in its will any conditions that make sense. You can dole out "X" dollars per year to your brother until your parents pass. You can write any kind of self adjusting formula that amuses you.
You could name your brother or wife or any other trusted person (family friend, lawyer, etc.) as the executor. If your estate is large enough (perhaps low to mid six figures), the trust department of your local bank can be named executor and it has a fiduciary responsibility to carry out the will's provision.
The short answer is that you should consult with a lawyer to find out what options are available to you and what, if any, limitations exist.
answered 2 days ago
Bob Baerker
14.6k11948
Thanks for the reply. I also have the problem that my wife and I live in a different country than my brother and parents, so that's where setting up a trust gets complicated.
– Phil
2 days ago
4
One issue is: how do you determine what is “your” money versus “your brother’s” money. Without some external apparatus like a trust, your brother could simply say that he has spent all “your” money.
– Peter K.
2 days ago
I don't see domicile in different countries as a problem. In fact, I have this situation in my will. The only problem might be if the beneficiaries move around and you don't provide updated info to the will/trust (the executor may have to spend time and money to locate them, bumping up their fees). Then, all that matters is that you live in a country where there's rule of law.
– Bob Baerker
2 days ago
@PeterK. Yes, but the idea is that only the interest earned on the money would be spent, and my wife and children would have visibility into it and/or be given reports on how the amounts were spent.
– Phil
2 days ago
2
Recommend putting the lawyer recommendation at the top.
– jpmc26
2 days ago
|
show 1 more comment
Your wish is to leave money to your brother to help him take care of your parents until they die with the condition that any balance of the money to be transferred to your wife or, if she is deceased, to your children.
The fulfillment of this wish will depend on your brother honoring your request should you predecease your parents and then your parents pass on. Though not a lawyer, I don't think that there's anything in a will that will prevent your brother from keeping the money once he has possession of the money in question rather than passing it on.
If you set up a simple revocable trust, you can include in its will any conditions that make sense. You can dole out "X" dollars per year to your brother until your parents pass. You can write any kind of self adjusting formula that amuses you.
You could name your brother or wife or any other trusted person (family friend, lawyer, etc.) as the executor. If your estate is large enough (perhaps low to mid six figures), the trust department of your local bank can be named executor and it has a fiduciary responsibility to carry out the will's provision.
The short answer is that you should consult with a lawyer to find out what options are available to you and what, if any, limitations exist.
answered 2 days ago
Bob Baerker
14.6k11948
Thanks for the reply. I also have the problem that my wife and I live in a different country than my brother and parents, so that's where setting up a trust gets complicated.
– Phil
2 days ago
4
One issue is: how do you determine what is “your” money versus “your brother’s” money. Without some external apparatus like a trust, your brother could simply say that he has spent all “your” money.
– Peter K.
2 days ago
I don't see domicile in different countries as a problem. In fact, I have this situation in my will. The only problem might be if the beneficiaries move around and you don't provide updated info to the will/trust (the executor may have to spend time and money to locate them, bumping up their fees). Then, all that matters is that you live in a country where there's rule of law.
– Bob Baerker
2 days ago
@PeterK. Yes, but the idea is that only the interest earned on the money would be spent, and my wife and children would have visibility into it and/or be given reports on how the amounts were spent.
– Phil
2 days ago
2
Recommend putting the lawyer recommendation at the top.
– jpmc26
2 days ago
|
show 1 more comment
Your wish is to leave money to your brother to help him take care of your parents until they die with the condition that any balance of the money to be transferred to your wife or, if she is deceased, to your children.
The fulfillment of this wish will depend on your brother honoring your request should you predecease your parents and then your parents pass on. Though not a lawyer, I don't think that there's anything in a will that will prevent your brother from keeping the money once he has possession of the money in question rather than passing it on.
If you set up a simple revocable trust, you can include in its will any conditions that make sense. You can dole out "X" dollars per year to your brother until your parents pass. You can write any kind of self adjusting formula that amuses you.
You could name your brother or wife or any other trusted person (family friend, lawyer, etc.) as the executor. If your estate is large enough (perhaps low to mid six figures), the trust department of your local bank can be named executor and it has a fiduciary responsibility to carry out the will's provision.
The short answer is that you should consult with a lawyer to find out what options are available to you and what, if any, limitations exist.
answered 2 days ago
Bob Baerker
14.6k11948
Your wish is to leave money to your brother to help him take care of your parents until they die with the condition that any balance of the money to be transferred to your wife or, if she is deceased, to your children.
The fulfillment of this wish will depend on your brother honoring your request should you predecease your parents and then your parents pass on. Though not a lawyer, I don't think that there's anything in a will that will prevent your brother from keeping the money once he has possession of the money in question rather than passing it on.
If you set up a simple revocable trust, you can include in its will any conditions that make sense. You can dole out "X" dollars per year to your brother until your parents pass. You can write any kind of self adjusting formula that amuses you.
You could name your brother or wife or any other trusted person (family friend, lawyer, etc.) as the executor. If your estate is large enough (perhaps low to mid six figures), the trust department of your local bank can be named executor and it has a fiduciary responsibility to carry out the will's provision.
The short answer is that you should consult with a lawyer to find out what options are available to you and what, if any, limitations exist.
answered 2 days ago
Bob Baerker
14.6k11948
answered 2 days ago
Bob Baerker
14.6k11948
answered 2 days ago
Bob Baerker
14.6k11948
answered 2 days ago
Bob Baerker
14.6k11948
14.6k11948
Thanks for the reply. I also have the problem that my wife and I live in a different country than my brother and parents, so that's where setting up a trust gets complicated.
– Phil
2 days ago
4
One issue is: how do you determine what is “your” money versus “your brother’s” money. Without some external apparatus like a trust, your brother could simply say that he has spent all “your” money.
– Peter K.
2 days ago
I don't see domicile in different countries as a problem. In fact, I have this situation in my will. The only problem might be if the beneficiaries move around and you don't provide updated info to the will/trust (the executor may have to spend time and money to locate them, bumping up their fees). Then, all that matters is that you live in a country where there's rule of law.
– Bob Baerker
2 days ago
@PeterK. Yes, but the idea is that only the interest earned on the money would be spent, and my wife and children would have visibility into it and/or be given reports on how the amounts were spent.
– Phil
2 days ago
2
Recommend putting the lawyer recommendation at the top.
– jpmc26
2 days ago
|
show 1 more comment
Thanks for the reply. I also have the problem that my wife and I live in a different country than my brother and parents, so that's where setting up a trust gets complicated.
– Phil
2 days ago
4
One issue is: how do you determine what is “your” money versus “your brother’s” money. Without some external apparatus like a trust, your brother could simply say that he has spent all “your” money.
– Peter K.
2 days ago
I don't see domicile in different countries as a problem. In fact, I have this situation in my will. The only problem might be if the beneficiaries move around and you don't provide updated info to the will/trust (the executor may have to spend time and money to locate them, bumping up their fees). Then, all that matters is that you live in a country where there's rule of law.
– Bob Baerker
2 days ago
@PeterK. Yes, but the idea is that only the interest earned on the money would be spent, and my wife and children would have visibility into it and/or be given reports on how the amounts were spent.
– Phil
2 days ago
2
Recommend putting the lawyer recommendation at the top.
– jpmc26
2 days ago
Thanks for the reply. I also have the problem that my wife and I live in a different country than my brother and parents, so that's where setting up a trust gets complicated.
– Phil
2 days ago
Thanks for the reply. I also have the problem that my wife and I live in a different country than my brother and parents, so that's where setting up a trust gets complicated.
– Phil
2 days ago
4
4
One issue is: how do you determine what is “your” money versus “your brother’s” money. Without some external apparatus like a trust, your brother could simply say that he has spent all “your” money.
– Peter K.
2 days ago
One issue is: how do you determine what is “your” money versus “your brother’s” money. Without some external apparatus like a trust, your brother could simply say that he has spent all “your” money.
– Peter K.
2 days ago
I don't see domicile in different countries as a problem. In fact, I have this situation in my will. The only problem might be if the beneficiaries move around and you don't provide updated info to the will/trust (the executor may have to spend time and money to locate them, bumping up their fees). Then, all that matters is that you live in a country where there's rule of law.
– Bob Baerker
2 days ago
I don't see domicile in different countries as a problem. In fact, I have this situation in my will. The only problem might be if the beneficiaries move around and you don't provide updated info to the will/trust (the executor may have to spend time and money to locate them, bumping up their fees). Then, all that matters is that you live in a country where there's rule of law.
– Bob Baerker
2 days ago
@PeterK. Yes, but the idea is that only the interest earned on the money would be spent, and my wife and children would have visibility into it and/or be given reports on how the amounts were spent.
– Phil
2 days ago
@PeterK. Yes, but the idea is that only the interest earned on the money would be spent, and my wife and children would have visibility into it and/or be given reports on how the amounts were spent.
– Phil
2 days ago
2
2
Recommend putting the lawyer recommendation at the top.
– jpmc26
2 days ago
Recommend putting the lawyer recommendation at the top.
– jpmc26
2 days ago
|
show 1 more comment
See a lawyer who specializes in Wills and Estates. The problem is that you don't know what you don't know about this subject. They can foresee the problems which may be created by your amateur will preparation. Don't leave a mess behind as your legacy.
answered yesterday
Susan
111
New contributor
Susan is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
See a lawyer who specializes in Wills and Estates. The problem is that you don't know what you don't know about this subject. They can foresee the problems which may be created by your amateur will preparation. Don't leave a mess behind as your legacy.
answered yesterday
Susan
111
New contributor
Susan is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
See a lawyer who specializes in Wills and Estates. The problem is that you don't know what you don't know about this subject. They can foresee the problems which may be created by your amateur will preparation. Don't leave a mess behind as your legacy.
answered yesterday
Susan
111
New contributor
Susan is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
See a lawyer who specializes in Wills and Estates. The problem is that you don't know what you don't know about this subject. They can foresee the problems which may be created by your amateur will preparation. Don't leave a mess behind as your legacy.
answered yesterday
Susan
111
New contributor
Susan is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
answered yesterday
Susan
111
New contributor
Susan is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
answered yesterday
Susan
111
answered yesterday
Susan
111
111
New contributor
Susan is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
Susan is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
Susan is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
add a comment |
Thanks for contributing an answer to Personal Finance & Money Stack Exchange!
- Please be sure to answer the question. Provide details and share your research!
But avoid …
- Asking for help, clarification, or responding to other answers.
- Making statements based on opinion; back them up with references or personal experience.
To learn more, see our tips on writing great answers.
Some of your past answers have not been well-received, and you're in danger of being blocked from answering.
Please pay close attention to the following guidance:
- Please be sure to answer the question. Provide details and share your research!
But avoid …
- Asking for help, clarification, or responding to other answers.
- Making statements based on opinion; back them up with references or personal experience.
To learn more, see our tips on writing great answers.
Sign up or log in
StackExchange.ready(function () {
StackExchange.helpers.onClickDraftSave('#login-link');
});
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
StackExchange.ready(
function () {
StackExchange.openid.initPostLogin('.new-post-login', 'https%3a%2f%2fmoney.stackexchange.com%2fquestions%2f103348%2fwill-leaving-property-to-beneficiaries-until-their-deaths-only%23new-answer', 'question_page');
}
);
Post as a guest
Required, but never shown
Sign up or log in
StackExchange.ready(function () {
StackExchange.helpers.onClickDraftSave('#login-link');
});
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
Sign up or log in
StackExchange.ready(function () {
StackExchange.helpers.onClickDraftSave('#login-link');
});
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
Sign up or log in
StackExchange.ready(function () {
StackExchange.helpers.onClickDraftSave('#login-link');
});
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
7
It's rocket science. Because, there are other people on the playfield who might argue about it.
– Harper
2 days ago