A woman (let’s call her “Marge”) wrote into an advice column about the fallout over her sister’s inheritance. Unlike most of the stories we’ve written about inheritance, “Marge” wasn’t exactly upset about it. In fact, she was glad that her sister inherited everything from their late mother. Unlike other articles, this isn’t about a typical sibling inheritance dispute. Not at all.
According to “Marge,” the mother left everything her sister, “Charlotte,” and “100% earned it,” for all the care “Charlotte” gave their ailing mother. “Marge” explained that the mother’s personality of “throwing tantrums” had a cumulative effect of a) forcing multiple carers to quit, and b), escalting to the point of getting kicked out of multiple senior homes (three, to be exact).
Someone like that would naturally be very difficult to deal with: “Marge” kept limited contact with her mother, limiting their interactions to holidays and supervised visits. “Charlotte” on the other hand, stepped-up, took care of their ailing mother, and even organized her schedule around doing so. To take some of the burden off “Charlotte”, “her sister “Marge” would always watch her neices and nephews, while “Charlotte” took care of the mother. In this way, everyone was involved in taking care of the family.
After the mother’s passing, “Charlotte” was rewarded with an inheritance large enough to treat both herself and her children: galivanting about on trips and buying her children nice toys. No hard feelings on “Marge’s” part, no sibling inheritance dispute here, but “Marge’s” children want to know how to explain this turn of events to her own children, who now are asking why they can’t go on the same nice vacations, have nice toys like their cousins, or worse yet, why grandma didn’t leave any money to “Marge.” “Marge” is befuddled about how to handle this delicate situation, and wants advice. There was no mention as to how old her kids are, and how much “Marge” can tell them.
It’s a thorny situation: ideally, “Charlotte” would be including her neices and nephews into mix, perhaps buying them in a nice toy or two, but ultimately, she did earn the inheritance. She can spend it the way she wants. No doubt, “Marge’s” children would question the money either way.
The answer the sister was given:
“Marge” was definately taking the high road, and thankfully, wasn’t upset about being essentially disowned by her difficult mother. “Charlotte” did all of the heavy lifting, and while she doesn’t begrudge “Charlotte” at all, the issue lies with how her own children are taking the issue regarding the money.
Perhaps some would tell “Marge” to just come out and be honest with her children about the disinheritance. However, “Marge” was provided with an entirely different path:
“Marge” was told that she may not want to break the news to her children yet, at least not until they were older. All “Marge’s” children really needed to know, was that “Charlotte” was given grandma’s money to pay for some nice things, and that “Marge” wasn’t, because she and grandma weren’t as close as “Charlotte” and grandma were. “Marge” was further advised to tell her sister that she was going to have this conversation with her kids, and it might lead to her kids talking to their cousins, which may bring up a (further) uncomfortable conversation among the entire family.
All in all, despite the fact that “Marge” wasn’t close with her mother, everything does sound wholesome: there was no animonisty between the siblings, no split between the sisters, no jealousy on anyone’s part, just sisters helping each other out when necessary.
It’s a refreshing inheritance story that (thankfully) doesn’t involve any sibling inheritance dispute. One of the few stories that we’ve written about where an inheritance doesn’t lead to a battle among family members.
Taking on the role of executor might sound respectable, but do you know what the role actually entails? The role is far more intricate and challenging when you look into what it actually entails. If you have recently been named as an executor of an estate, it’s important to carefully evaluate the the legal, financial, and emotional difficulties that can make being an executor more complex than you initially anticipated.
1. Legal and Financial Responsibilities of an executor:
An executor is legally responsible for maintaining and distributing the estate of the deceased (obviously in accordance with his or her Will). Because the executor has to be in compliant with government laws, it’s important to know what he/she is doing. The role involves filing out court documents, notifying beneficiaries, and managing the debts and taxes for the estate of the deceased. Executors can run into complex legal requirements, and those complexities can lead to potential mistakes. This can delay dispersing assets to the right heirs.
In short, you REALLY need to know what you’re doing in your official capacity as executor.
2. Time and Resources:
Executorship is a time-consuming process: coordination with accountants, attorneys and beneficiaries is all a necessary part of being an executor. Depending upon the complexity of the estate, completing all of your duties can take several months (or even years) to close the estate. Executors have to deal with their own personal responsibilities, fill out the proper estate documents, attend meetings, etc. The duties of an executor are akin to a full-time job: a “job” that can take up about 100 hours (or more) and 12-18 months, to finally complete.
You may want to start with a team of individuals behind you: if you’re not a lawyer, and you need help in to manage your duties, you may wish to start with getting an estate planning lawyer to help you out. An estate planning lawyer can assist in dealing with unreasonable beneficiaries – beneficiaries who may dispute the prescribed amount of money they were designated by the deceased. An accountant can help you manage the ins-and-outs of filing estate administration taxes, correctly and on time, while simultaneously assist with paying off any outstanding loans (or debts) on the estate. A financial advisor can help manage asset distribution. A real estate agent can assist with selling any property the deceased may have wanted sold.
You can see the importance of having a whole team of people behind you.
You may have to take time off work to become an executor.
3. Family Dynamics and Emotional Strain:
In addition to all of the legal and financial duties of an executor, the role is definitely going to be emotionally draining, because the executor is usually a family member of the deceased. Combined with the added element of grief, this can lead to disagreements between beneficiaries (who may or may not be siblings of the executor in question). A lawyer may be able to assist with unruly beneficiaries who want to battle it out in court over the deceased’s estate and assets.
When it comes to money or sentimental items, tempers and emotions may flare.
4. Potential Financial Risks:
Executors could face the possibility of being held personally liable if financial assets are mismanaged; there are financial risks to consider: mismanagement of estate funds, filing taxes on time, and paying off debts.
One benefit of being an executor is that you can be compensated for your time as an executor: the Trustee Acts in Canada outlines instructions for executors to be compensated for their work. The provinces do have their own rules as to how executors should be compensated. The CRA upholds that any compensation received by an executor is to be taxed as income.
Even that comes with risks: some family members may have difficulty with giving one sibling compensation, running the risk of favoritism.
Nonetheless, everyone should be paid for their work.
This isn’t even going into the headache that Probate could bring.
Whether or not you decide to take on the role, take into account everything that the responsibility holds. That includes both the benefits and the potential pitfalls.
The great wealth transfer is currently underway: millennials/genz are finding some financial relief with some money trickling down their way from their boomer parents (this brings up an entirely different topic on the problem of generational wealth). For now, some millennials/genz have some money coming their way; this can go a long way to keeping some money in their pockets, given the absolute shamble of an astronomical cost of housing/rental market, sky-rocketing student loan debt, and a weak job market. Some millennials and genz are even getting “living inheritances” from their parents. The stigma that usually surrounds topics of dicussion around money and inheritance are slowly fading away – it’s no secret that income inequality is growing, and people are more open to talking about money, debt and loans. Having solid discussions surrounding inheritance and money can, at the very least, soothe any hurt feelings. You wouldn’t, for example, want one sibling questioning as to why he/she is getting less inheritance than another, so that’s why talking about it openly (no matter how uncomfortable) can really help out your family members.
A whopping $1-trillion is set to be passed down to millennials/genz in Canada by 2026. This unprecedented shift, happening one family at a time, creates the need for tailored financial advice. Obviously, parents are going to be wary about having their money being blown. This is why talking about money and the need to spend, save and invest it wisely is so crucial.
Wealth transfers are full of opportunities – and challenges. Keep these following strategies in mind to ensure a smooth process:
1. Start Open, Transparent Conversations Early:
One of the most vital, yet often overlooked, aspects of wealth transfer is open communication. When wealth transfer is shrouded in secrecy, it can lead to feelings of resentment and rumours among family members. It can cause fights and breakups. You may want to start by initiating the important (yet, somewhat uncomfortable) conversations surrounding money, your legacy, your estate plan, etc. Open and honest expectations for everyone involved means you’re off to a GREAT start.
Adult family members come together to have a meaningful discussion on matters of wealth in the family
Here are some steps to initiate those conversations, if you’re feeling uncomfortable:
Regularly scheduled meetings with key members of your family (children, spouses, trustees)
Discuss what you want to do with your money, your assets, your estate, and why
You may want to involve a trusted financial advisor or estate planner to help ease into these (difficult) conversations
2. Drafting a Comprehensive Estate Plan:
A comprehensive estate plan includes a Will, trusts, a Power of Attorney, a Living Will, and other principal documents. It also involves a comprehensive strategy about minimizing estate taxes, and other important decisions regarding your assets.
Charitable Donations: Leaving items to charities in your Will, can help reduce taxes (which are deductible)
4. Succession Planning for Family Businesses:
Obviously, succession plans are necessary for family buisnesses to run. Without a succession plan in place, there is the possibilty of a family business being poorly-managed or fall apart without your prescence.
A couple looking over who will take over their business
Here are some steps to initiate the process of succession planning for a family business:
Identify the best individuals to run your family buisness (a child, star employee, etc.)
Training and mentorship are provided to said potential heir to the buisness. Mentorship is key
A succession plan with documented roles, responsibilities, etc., – are all provided – a training manual, if you will
Plan strategies through your trusted family’s financial advisor; someone who your children (or heirs) can depend upon. Later, they can switch to a different advisor, if necessary
Instill certain values: fiscal responsibility, philanthropy, prudent investments, wealth preservation
6. Review and Update Your Plan Regularly:
Life changes, and so should your estate plan: review it on an annual basis (don’t try to leave it on the backburner – we have had many clients who often leave creating their Will, Power of Attorney and Living Will to the day right before a vacation). Make sure everything is properly written out – don’t rush it!
Parents carefully reviewing and updating their Will, Power of Attorney and Living Will
Here are some steps to initiate the process:
Review your estate plan on an annual basis – perhaps once a year
Discuss modifications with your financial advisor, to keep abreast of changes in the law
Coordinate and discuss changes to your plan with your family members, so there are no surprises
An intergenerational philanthropic strategy:
This isn’t really part of your estate-plan, but you may want to look at the importance of philanthropic giving.
Philanthropic giving towards charities or causes you really respect or admire is always a good strategy of estate planning. It’s about giving back, and shows your loved ones the importance of being charitable.
What would you do with your inheritance?
You can have a open and honest discussion with your family members about which causes they would like to support and why. How much of your estate would go to those causes? This can bring everyone together in the estate planning process as well.
You may want to read more about easing into smooth wealth transfers, here.
In this list, we’ve compiled some of the weirdest legal Wills that defy belief: from ashes spread out into space to dogs being left shares in a company, these are some of the strangest, weirdest, most bizarre Last Wills that we’ve come across (so far). After reading this list, you might be inclined to start writing a will. You may also want to start thinking about what makes a will legal,and how the process works. Keep reading until the end for tips.
History is peppered with individuals who took their last opportunity to make a statement, pull a prank, or simply leave other people feeling befuddled. Not only did these individuals leave a lasting mark on the world while they were alive, they certainly left a legacy when they died.
Some names you may recognize; others not so much. They all have one thing in common: they all have left a lasting imprint on the world through their Wills. Let’s go down the rabbit hole of the top 10 weirdest Wills:
1. Space Will: The Final Frontier
Gene Roddenberry. You know the name: he created the iconic Star Trek series. His departure from this world left a black hole in the hearts of many of his fans. But his legacy continues through his work to this day: a touching final directive that his ashes be launched into the cosmos, symbolically returning to the celestial frontier that he so ardently explored in his imagination. His wishes were carried out in 1997, when his ashes were blown out by the Space Shuttle, Columbia. This unworldly journey mirrors the boundless spirit of exploration and discovery embodied in the Star Trek universe he crafted. Roddenberry boldly went where (most) have not gone before.
2. The Oil Heiress and her Ferrari
Egyptian pharaohs, kings, queens, and emperors were all buried in style. They were draped in gold and jewelry; they would be buried six feet under and adorned in their fanciest clothes. Car lovers are continuing this tradition, with some of these fanatics being buried six feet under with or in their cars. Sandra Illene West was one such “queen.” The oil heiress died in 1977 and was buried in her sky-blue Ferrari. It’s not clear if she was buried alongside her beloved car or in it. It really gives meaning to the phrase “You can’t take it with you.” She’s buried next to her husband at the famous Alamo Masonic Cemetery in San Antonio. It’s become quite a tourist attraction.
We know people love their cars, but this is going a bit overboard.
3. Immortalized in Ink: The SuperheroWill
Mark Gruenwald, beloved writer at Marvel Comics, loved his work. In his final act of literary fusion, the comic book writer wrote in his Last Will and Testament for his ashes to be mixed in with the colored ink of his beloved comics, Squadron Supreme. Marvel fulfilled his wish in 1997.
That’s one way to leave a legacy.
4. The Great “Stork” DerbyWill
Charles Vance Millar was a wealthy Canadian who loved babies! He was also a prankster. His death in the 1920’s spurred a contest to see which woman could have the most babies. Whether a prank or real, Millar stipulated in his legal Will that a large amount of money from his estate would go to the woman who gave birth to the most children within ten years of his passing. This kicked off what is now dubbed the “Great Stork Derby” contest. The winner would get a whopping $9 million-dollar fortune.
Four women were announced as the winners: they each gave birth to nine children. The money was equally split among the mothers and their nonuplets (let’s face it: they were going to need that money).
5. Back From the Dead
John Bowman was a tanner from the 1880’s. He lived a rather mundane life until the death of his wife and two daughters. Yearning to be reunited with his family after his death, he set up a trust in his legal Will for $50,000. The amount was to arrange for nightly dinners after his death so that he and his family could enjoy a semblance of what life was like before they died.
This nightly practice began in 1891 and stopped in 1950, when the money from his trust fund dried up.
Imagine being disowned in favour of a dog. That’s exactly what happened to Craig and Meegan Panzirer. The siblings were famously disowned by their rich grandmother, Leona Helmsley, upon her death. When Helmsley passed away in 2007, the affluent widow purposely left out her two grandchildren “for reasons that are known to them.” Ouch! What did they do to be cut out? Did they not spend enough time with their grandmother? It’s not known to the public.
They eventually sued the estate. A judge granted them $3 million each.
Trouble’s inheritance dwindled down to $2 million.
That should be enough to take care of a dog, right?
7. A Real-Life Leprechaun
A millionaire by the moniker of Forrest Fenn was something of a real-life leprechaun: his Last Will kicked off a treasure hunt for an actual 42-pound bronze chest in 2010. Filled to the brim with gold, gems, antique jewelry, and other valuables (worth $2 million dollars), a “gold rush” began out in the Rocky Mountains. This is the stuff of novels. The hunt began after his death at the age of 90. Many desperately explored the mountains; many gave up. One winner, through sheer persistence, did find the treasure in 2017.
Not surprisingly, the winner, though verified, has had their identity kept secret from the public.
8. Houdini’s Legal Will
Harry Houdini. You know the name.
The master illusionist, the great escape artist who could escape from any trap, had one final trick up his sleeve in his Last Will and Testament.
His Will was revealed to the public after his death at the relatively young age of 52. Aside from the mundane stuff, like leaving $500 to each of his three assistants, or the $1,000 left to the Society of American Magicians (yes, this is a real thing), there was a twist in his legal Will that would beguile the public for decades.
Houdini’s wife was instructed to conduct a séance regularly after his death. She was supposedly given a code – one that consisted of ten words chosen at random – to use as a way to contact him in the afterlife. Houdini was supposed to reach out to her with the exact same ten words during the séance. Bess, Houdini’s wife, conducted annual séances on Halloween of all times, for a decade after his death.
No word on whether or not she actually made contact with her deceased husband or not.
9. Grizzly Remains
This interesting tidbit doesn’t contain a specific, written Last Will and Testament. But it’s a wild story – a true story – about a man and his love for grizzly bears. Timothy Treadwell often spent time in the company of bears and even told his best friend that he wanted his body to be used as bear food upon his death.
Treadwell and his girlfriend were roughing it in Katmai National Park one fateful day in 2003. They had ignored previous warnings about getting too close to bear encampments in the area. The pair didn’t listen and were gruesomely mauled by a grizzly on the hunt for food.
There are haunting recordings of their deaths caught on audio online.
10. Shewbridge. The Man Who Left Shares of His Company to His Dogs
Shewbridge. The name sounds like a piece of food. This is fitting, seeing as Thomas Shewbridge was a prune rancher in California. He loved his dogs. As in, he really loved his dogs. 29,000 shares of his company were left to his dogs upon his death in his Will. This wasn’t a joke. The dogs were supposed to (and did) attend shareholder meetings on a regular basis.
What were his dogs supposed to do with the shares?
Did he think the dogs would do a better job of managing the company? What would you do if you were sitting in a boardroom, with dogs present at a shareholder meeting?
There you have it: some of the weirdest legal Wills you’ll ever read about.
These extraordinary Wills challenge our ideas of what it means to leave a legacy. Whether driven by affection, humor, or the desire for control, these last wishes remind us of the quirky, unpredictable nature of humanity.
Your legacy as well, can be a reminder of your unique life.
