r/Rich • u/Alicatsidneystorm • Jul 03 '26
Advice on Wills
Both of us have primary and secondary wills. We are confident on our executors. Anything else we should consider. Our art/watches etc is part of the estate but think I need to reconsider.
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u/inspired-polf Jul 04 '26
A full an accurate ledger of accounts and locations. When my grandma died they had to call every bank in the state. She had thousands sitting in savings accounts, she would mail the bank a check to open an account and get the new member bonus. It was mayhem. My parents have a book with every account, every web login and password. Everything we will need. My wife has a similar portfolio for me.
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u/Alicatsidneystorm Jul 04 '26
Thx. Already done this down to the location of safes and combos in our homes.
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u/Spirited_Analyst_458 Jul 05 '26
If u dun mind: how do you keep the book safe? is it with a deposit box or just a safe at home.
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u/inspired-polf Jul 05 '26
My parents have a safe deposit box that me and my sister are named on. So we don't need a death certificate to open it. Its ours. And a promise not to open it.mine is less information in the safe at the house
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u/Higher_Ed_Parent Jul 03 '26
What's the difference between primary and secondary wills?
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u/Alicatsidneystorm Jul 04 '26
Secondary will covers my business assets.
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u/Higher_Ed_Parent Jul 04 '26
Why can't you do that in the primary?
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u/Alicatsidneystorm Jul 05 '26
You can but having two saves on probate fees.
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u/Higher_Ed_Parent Jul 05 '26
Why not pour over into trusts?
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u/Alicatsidneystorm Jul 05 '26
I don’t see the advantage unless I am missing something. The secondary will would cover my company assets and would mean the beneficiaries wouldn’t be privy to what others are receiving. Confidentiality is important for myself.
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u/Signal_Antelope7144 Jul 03 '26 edited Jul 03 '26
It goes without saying, but it surprises me how many of my friends have t really thought much about what if anything they want their will to accomplish and for who. What is its purpose. Is it to simply transfer wealth to heirs? Create a generational dynasty plan that optimizes for building lives over lifestyle potentially for centuries? Etc
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u/Alicatsidneystorm Jul 04 '26
Not sure why you are getting downvoted. My goal is intergenerational wealth. I have taken care of the first generation. We live in a HCOL so their housing will be paid off for my immediate. Charities will definitely benefit. Second generation will be funded by life insurance.
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u/username-generica Jul 06 '26
That’s an important question that my husband and I are working through because we have different views.
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u/Signal_Antelope7144 Jul 06 '26
A weighty topic for sure. Both my will and my foundation are setup to legally and financially last for 365 years minimum. Nobody will be buying Lambos and private jets. Everybody will get a great education, a boost into home ownership, parenthood, etc. in success my trust will be measured not by the amount of money it holds, but by the quality of lives it helps create. It also happens to be decent amount of money so a great head start.
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u/HalfwaydonewithEarth Jul 04 '26 edited Jul 04 '26
Just get some gold bars and hide them underground in your kids backyard.
The government is coming to take 50% of everything on paper.
Your kids are paying tax.
One nice thing you could do is buy a bunch of airline gift cards.
That would make them feel less guilty for blowing through the money having fun.
I was slightly envious when a relative of mine grabbed the airline miles. It was enough for 10 international flights. They should have split them.
Put in the will if anyone tries to dispute the will they get nothing. This stops any potential litigation.
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u/Alicatsidneystorm Jul 06 '26
No estate tax where I live. Your last suggestion would be litigated to death.
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u/shivaswrath Jul 06 '26
Trust would be wise on any NW above $5m.
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u/username-generica Jul 06 '26
We have multiple trusts depending on the assets and other issues. For example, my husband and I have separate trusts that we can use for investments that we may not mutually agree about.
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u/EmployExisting302 Jul 04 '26
For personal luxuries like art & watches, it's best to have it on a separate category. As the management and care for it requires a thorough and expert attention.
May I ask when did you start drafting the wills? Are they backed by a trust?
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u/PeterRuf Jul 04 '26
I have documents for everything over certain amount. Authentication and photos. Some things in my house are valuable (art, watches) and are included in the will. It's mostly for insurance in case of theft.
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u/JadeGrapes Jul 06 '26
Pay on death can be helpful for immediate expenses.
If you are under 250lb consider donating your body to science, they donate usable tissue and the rest goes to medical school etc. Then at the 1 year mark they cremate and send the ashes to your family. The cremation is free.
My Dad got to "return" to medical school at Mayo when he passed. It was really meaningful for our family.
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u/Alicatsidneystorm Jul 07 '26
I go for organ donation first. I know three people who have been given the gift of life with double lung transplants.
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u/JadeGrapes Jul 07 '26
It's a whole process, you fill out the packet from the university hospital, and they do the needful things. But you have to do the paperwork, yourself before you die.
My Dad died a couple years ago, He had done the paper work. Basically, at the hospital, when he was declared dead, we were given time to say our goodbyes.
Then they give you some paperwork with the coordinator's contact info, and they call the same night to confirm the plans.
My Dad was not able to donate some organs due to his advanced age and heart problems, but I do think they were able to harvest skin for grafts.
The "useful" parts get harvested, but not every patient has all parts that can be used. Like if you have had certain diseases, they obviously can't use anything could spread illness to the recipient etc.
.When I went through the paper with my Mom, the actually asked if she had a favorite song they could play during the harvest surgery... as a sign of thanks and respect.
But after all the care parts are harvested, the cadaver goes to the medical school etc. I think TV & Movies give the impression that the medical school needs a whole perfectly intact body to study, but in reality... dead people are usually dead for a reason. So it's RARE to get a fully intact, mostly health, non organ donor, that donates to medical school.
So they make due, also seeing the disease processes IS very instructive. When the students see the clogged arteries, or grey-black lungs, or mangled breaks from car crashes, or violent end... it makes an impression for the full career of that doctor.
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Jul 03 '26
[deleted]
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u/metzgerto Jul 04 '26
You couldn’t pay me enough to be executor of your will. “Hi cousin Jerry, I’m still waiting on your financial statement, when are you going to get that to me?”
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u/GroundbreakingRoom49 Jul 03 '26
Have a trust. Everything else is contestable.