Planning for your Will

Inheritances and the fights they can lead to in court can be devastating; celebrities have left this world, leaving their loved ones behind to bitterly fight with each other over the (financial) legacy they have left behind. Then there is the question of how these “winners” will manage that money. How do they spend it? Will they squander it, save it, or invest it? 

We’ve written a lot about greedy relatives, split families and broken relationships. Inheritances can obviously make or break families, and you learn who your true loved ones are. Not everyone is going to be lucky enough to inherit a fortune from a long-lost uncle, or even inherit much at all from their parents, for that matter. There are people who are lucky enough to inherit just enough to comfortably survive, pay off debts, etc. For some though, getting an inheritance (any inheritance) is almost like winning the lottery. How do you manage your inheritance if you have never had any money?  What happens when the dust has settled and you’ve GOT your money? What do you spend it on? Here’s some advice from someone who inherited money from his grandmother, and learned not to blow it all: 

How NOT to blow your inheritance!

What would happen if an estranged son wanted to make a claim to an estate? An estate includes an individual’s property and assets — including real estate, bank accounts, life insurance policies, stocks, and personal property such as automobiles and jewellery.

A woman worries about her sending off her late husband’s possessions to his estranged son, whom he had not seen in nearly 30 decades. The reasons as to why the son and the father were estranged from one another are unclear, but their relationship was the most tumultuous during the son’s teen years.  The son is now in his 40’s, living in a different state, with his own family to look after. The son, at this point, isn’t even aware of his father’s death or the Last Will and Testament that he created. The widow worries about notifying the son, in the event the son tries to make a claim to his late father’s estate. The late father also had icy relations with his late wife, as she apparently refused all contact before her ex-husband’s death (the father had his friends reach out to her before he suffered from health issues). The widow asks for advice. What should she do? You can read more about her situation and the advice given to her here: Can my stepson make a claim to my late husband’s estate?

A woman in a township called Hanover was arrested for withdrawing money from a deceased person’s account. Debora Longfoot, 63, stole over $7,000 from a bank account belonging to  Gary Moser. Moser is deceased. Moser’s children reported the theft. Longfoot was the caregiver. There have been similar stories of people affected by dementia who have been financially abused by caregivers in nursing homes. Sadly, this is all-too common. What is worse is that Moser didn’t have a Last Will and Testament. 

Debra told Moser that a Power of Attorney was drawn up, leaving her in charge of the finances, but this supposed document was never shown to his children. The Moser family swiftly blocked access to the account after several thousand had already been withdrawn. Moser’s eldest daughter, Bobbie Jo Bindics, was sworn in as the Executor of his estate. 

 When a caregiver, whether a family member or a professional, steals from a deceased person, it can cause harm to already stressed out family members, but what makes this worse is the fact that Longfoot was the girlfriend of Moser. 

What further complicates things is the fact that Moser died intestate (without a Will). Everything would have gone smoother if there was a Will, appointing an individual to look after his finances, assets and estate. 

You can read more by clicking on the following link: Stealing thousands from a loved one.

If you are in a similar situation and suspect that a caregiver has stolen money or assets from a deceased loved one, there are several steps you can take:

1. Report the theft to the authorities: this is what Moser’s family did. 
2. Review financial records: Review the deceased person’s financial records, including bank statements and credit card statements, to identify any suspicious activity. Look for large or unusual transactions, withdrawals or transfers, and missing funds. This is what Moser’s daughter did when she was appointed as Executor of her late father’s estate. 
3. Contact an attorney: If you believe that the caregiver was acting under a power of attorney or other legal authority, contact an lawyer. 
4. Take preventive measures: If you are currently caring for an elderly or disabled loved one, take preventive measures to protect them from theft. This may include setting up safeguards such as limiting access to bank accounts or hiring a professional caregiver through a reputable agency. A lot of this could have simply been avoided by having a Will in place. 

An aunt is pondering on whether or not she should leave a substantial inheritance to a rather “ungrateful” niece. The aunt and her niece unfortunately differ on every subject under the sun, including their political views. The aunt is unsure if she wants to disperse any of her inheritance to her “ungrateful” niece, who she feels doesn’t deserve any inheritance from her at all! You can read more by clicking on the link below: 

A Dickens of a problem!

Whether or not an aunt should leave an inheritance to an ungrateful niece is a personal decision that depends on many factors. This is a Dickens of a problem! Here are a few things to consider:

1. Family ties: Family relationships are complicated, and sometimes they can be strained or difficult. It’s important to consider the relationship between the aunt and the ungrateful niece. Is the relationship irreparably damaged, or is there a chance for reconciliation? If there is a chance for reconciliation, leaving an inheritance may be a way to extend an olive branch.
2. Values: Some people feel strongly that inheritance should be reserved only for those who have earned it or who are appreciative. Others believe that family should support each other no matter what. It’s important for the aunt to consider her own values and beliefs in making this decision.
3. Financial considerations: An aunt may have financial obligations to other family members or dependents that take priority over leaving an inheritance to an ungrateful niece. It’s important to consider the aunt’s financial situation and make decisions that are in her best interest.

It’s worth mentioning that the niece, Patsy, isn’t destitute and has an inheritance from her father. If you don’t get along with someone, why would you want to leave an inheritance to that person?