Gawd forbid if you croak....

[rayray]

I think about this every-so-often, not in the sense of wills or where the money goes but what do your loved ones do after the fact? For example, I cannot for the life of me get my wife involved, she has no desire or interest in learning about investments. I'm hoping as time moves forward that will change and she'll have some understanding of what I'm trying to accomplish for ourselves. My biggest accomplishment so far is getting her to appreciate her kplan, contribute to the percentage match and look at it once a year, LOL, yes...once a year and that satisfies her thirst in the investment arena.

I guess, my biggest concern, is gawd forbid if something should happen to me, is that all my due diligence I put in will be wiped away with some finance guy saying, "Well, those are great stocks but this is where you want your money...."

I don't know...If I'm lucky I'll live into my 90's and none of this will matter

[Jimbo]

Very good point.

I discuss it with the wife on occasion, with the life insurance, she wouldn't need the stick accounrs, lol.

My youngest understands the investment theories and will continue on.
My oldest thinks there is better, easier monies to be made in the gambling.

I have spoke with and made them to understand the living trust that we have and all the pros that can come from it.

All we can do is guide them, they make the final decisions.
Jim

[ronn38]

My father created a revocable Trust, and gave detailed instructions (and limitations) on how assets were distributed and used. Of course, any good fool can outwit a fool-proof system, but it helped a school teacher with virtually NO understanding of wealth building avoid mistakes (well, most mistakes).
The Trust gave me an initial lump sum; most of which I was advised to place into blue chip stock (time in the market being better than timing the market). I managed to put about 10% to work before my divorce removed the remainder.

The 2nd “portion” was already invested, and generating a nice income stream. The will advised that I not touch the capitol until I studied and learn exactly how it was contracted. Dad was smarter than me, and it remains exactly as my father left it.

The next largest portion was in EE bonds (with instructions to not cash them until maturity). I have been doing just that, which is how I’m building my portfolio now.

And a final sum I could touch for five years.

In this scenario, even a fairly contentious devoice protected the wealth my father left me.

Set up a trust, with well thought through means of distributions.

Hope that helps.

Ronn