In case of emergency . . .
My mid-30’s are quickly approaching. This blog of my adventures will continue for a long, long time if I have anything to say about it. However, this nagging feeling in the back of my head won’t leave. The feeling of the worse case scenario: What to do if I kick the bucket?
This was delayed for about a month, not wanting to address it. I finally realized if I didn’t make decisions regarding my investments that the government would. I don’t trust the government. Also, what I’m doing requires a level of responsibility on my part and I will be responsible.
I’m not married, as far as I know. However there was that one night in Vegas . . . .
Who does that leave? According to law, my parents would be the executor of my estate if I have no will in place. This, of course, is after probate court. The fees involved in that are expensive. My parents will be the first to admit that their knowledge of real estate investing is quite limited. In addition, they are enjoying their retirement years and I don’t want to burden them with this responsibility.
Fortunately I have a brother who has been dabbling in real estate for nearly 30 years. Every few months, our conversations reveal that he’s doing quite well for himself. The last time I talked to him, I asked him if he would be the executor of my estate. One condition of his acceptance: I must spell out exactly what I want done.
That is the interesting question. What would I want done with the money I’ve created? I definitely would like it to go to good use. Charity? Family? Who in the family?
I don’t have kids, as far as I know. However there was that other night in Vegas . . . .
From what I’ve seen, my family members would squander the money. Maybe an Educational trust? If my nieces and nephews went to college, the fund would pay a stipend of sorts? Who would run that?
UGH!
Funding a college education for your nieces and nephews is a fabulous idea! Also, I would recommend that a portion of the proceeds go to charity. I have some I really like–two are local, two are national. I look for charities on http://www.charitynavigator.org/ to determine which ones use their funds effectively.
As far as the college fund goes, you could split the proceeds equally among all the kids, then split it again by eight and give them that amount each semester. So, that way, you’re not paying them something every semester they’re in school if they want to remain there for 10 years. Since their portion of the fund would run out after four years, the timeline would encourage them to work hard and get through school on time. Conversely, if you paid it out in a lump sum, you know it’d make for one long party for each of them until the money ran out.
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