In recent weeks @bozz has written about his plan to write his will, and today I came across @kerrislravenhill writing about the same topic. Then I found out that this week's Ladies of Hive contest is about writing your will. That got me thinking about my own situation.
In the past, I always thought writing a will isn't an important thing to do, especially when we were young(ish) and didn't have a lot of assets. Plus the fact we don't have any kids. Even if we did, by default everything would go to him/her/them. And we were moving around quite a bit in the past decade, it didn't make sense to write a will when things were so fluid.
Now we've finally settled down and got our affairs in order, we thought the timing was right. It was probably the second
most grown up thing we've done after buying our house. But to me, it was also a sign that I am getting nearer to one end of life than the other. Kinda sad to face up to this reality.
Plan A
I sat down and pulled out my spreadsheet (I love them, I have one for practically everything in my life) and listed all the assets we have. I knew we had done ok in life, but what my spreadsheet told me was very comforting. Basically, it told me after living expenses, how many big and small holidays we can go every year until we drop dead at say... 90? Yeah, it's still a long long time away, even for me, but it's better to be more prudent. I don't want to forecast to live till 80, and still find myself strong and healthy with no money, and have to stay at home all the time. What fun would growing old be??!!
The next stage was to decide how to split our assets between our descendants. There are 14, and I had grouped our assets in 5 buckets. Certain assets go to some and not others, or more to some and less to others. I ended up with a 14 x 5 matrix. Took me ages to work out a fair % for each of them and I was pretty pleased with myself. I sent this to our lawyer, and I reckon she must have fell off her chair when she saw it. She didn't say it, but her response was basically an overkill for our level of assets 😅. It was doable, but it would make ours a complex will, costing a lot more money. Plus, if in future years we divest a certain bucket of asset, we would have to update our will again if we wanted a fair share for everyone.
Plan B
Our lawyer suggested a simple solution, to keep all our assets as a single bucket and carve the cake there. Fair suggestion, no point complicating things. If we have a good remaining life, there could only be crumbs leftover 😄
I haven't done anything about funerals or power of attorney yet. That would make things too real. One step at time.
Hi @livinguktaiwan!
Your passion for spreadsheets and meticulous planning is truly commendable! It sounds like Plan A was a labor of love, ensuring a fair distribution among all 14 of your descendants. While intricate, it's clear you put a lot of thought into making sure everyone gets a fair share.
Your lawyer's suggestion with Plan B seems to be a simpler and more practical approach. By keeping all your assets in a single bucket, you save yourself from potential complications and future adjustments. Plus, it allows for a straightforward way to carve up the proverbial cake, leaving room for any unforeseen adventures or crumbs that might come your way.
No matter which plan you choose, it's evident that you're taking great care to ensure everything is in order for your descendants. That's a wonderful testament to your dedication and love for your family.
!BBH
!LADY
!LUV
View or trade
LOHtokens.@silversaver888, you successfully shared 0.0100 LOH with @livinguktaiwan and you earned 0.0100 LOH as tips. (19/50 calls)
Use !LADY command to share LOH! More details available in this post.
Your comment is upvoted by @topcomment
More info - Support @topcomment - Discord
Family is very important to me, it's the least I can even though I know they don't need my money, assuming there's a lot left afterwards!
It's wonderful to hear how much you value your family. They must truly appreciate having someone who cares so deeply about their well-being. While it sounds like finances may not be a primary concern, it's clear that your support and presence mean the world to them.
That darned Will, most of us dodge!
My parents sold their house with Mom taking ill, divided value between the four siblings after established in a flat on my sisters property. Mom died in 1993, Dad a week and a year later. The Will still carried larger assets like motor vehicle.
Siblings gathered into the flat to assist my sister with clearing everything out after Dad died.
Mom in the six months given had gone around the flat, everything had a name beneath on a small piece of self-adhesive paper. This was inside a piece of hand crafted pottery, clocks, plates with historical family value etc.
Having witnessed the ugliness death may bring out in some families, not something she would tolerate. Mom took pleasure in making sure Dad never had to carry the burden, also had great fun personally gifting us, not expensive pieces, always a personal touch.
!LUV
!LADY
@livinguktaiwan, @joanstewart(1/10) sent you LUV. | tools | discord | community | HiveWiki | <>< daily
View or trade
LOHtokens.@joanstewart, you successfully shared 0.0100 LOH with @livinguktaiwan and you earned 0.0100 LOH as tips. (1/19 calls)
Use !LADY command to share LOH! More details available in this post.
There is so much love in her actions :)
Very special person, I miss both my parents.
We did wills a long time ago, but ought to review them now the kids are grown up. Need to take the crypto into consideration as that could be worth a bit.
I'm not sure I count as a proper grown-up as I've never bought a house.
We weren't ask to itemise our assets in the will. The solicitor asked for the property values and approximate value of cash and personal effects but that wasn't included in the will which makes sense to me especially we ended up with one single bucket split in the end.
I actually missed out the very first grown up thing we did - getting married. Such a long time ago, I nearly forgot about that 😊
This is an interesting subject, I saw the first picture with a will in a piece of paper, and thought that it would be much better to register it in a blockchain, isn't it?? should be fire/flood proof.
Blockchain would be a very good solution as these documents may not be needed till decades later. Can a document be encrypted on the chain? Premature transparency and wills don't go well together
a community encouraging first-hand content, and each individual living their best life.
Excellent plans! Thanks for writing for the weekly LOH prompt/contest! 😊
Interesting topic this week, and given the demographics of Hive, it's actually generated a fair amount of good engagement
I think our initial plan was to set up some kind of trust, but I think we are just going to wait and see what the lawyer has to say since this is our first time dealing with this sort of thing. We will see how it all goes. I am glad that you have something in place. WE have put this off for far too long. The worst thing would be for those left to have to deal with probate.
Trust sounds quite complex, but I'm sure your lawyer will advise the best thing for you.
If everything is in the will, my understanding is that probate should be smoother. My view is, by that time we're not going to be here, it's not going to be our problem. If they want the money, I'm sure they won't mind doing the work
Yeah, I hope my nieces and nephews are going to be grieving enough though that I don't want them to have the added hassle of probate. We will see what the lawyer says. Right now I am more concerned about what she is going to charge, they never gave me a general idea of what I will be expected to pay...
I mean, I hope it's a long way away and all, but it's obviously best to be prepared for the inevitability. :)
Yeah, life does seem a bit fragile. Living in till 90, or even 80 is pretty good, but anything can happen in a blink of the eye
I think these are good conclusions.
!LUV
@livinguktaiwan, @ydaiznfts(3/10) sent you LUV. | tools | discord | community | HiveWiki | <>< daily
Yes we all have to do this will thing, because we don't know what will happen tomorrow... but I think the best thing to do is to make sure we enjoy and share in life with all those people we are considering leaving our assets to.
Pauline, keep on accumulating experiences, keep on travelling, and keep on being a great person.
This to me is a reminder: don't put off until tomorrow what you can do today.
Very wise advice, thanks and I shall surely follow it. I've decided to be nicer and treat myself better this year. Who knows, I could drop dead soon 🫨
(I'm going to eat the chocolate cake now)
I tell you, this is a complicated issue. Just keep things simple and keep in mind that to die you only need to be alive and ... Live without creating an obsession with it.
Enjoy the cake!
View or trade
LOHtokens.@livinguktaiwan, You have received 1.0000 LOH for posting in Ladies of Hive. We believe that you should be rewarded for the time and effort spent in creating articles. The goal is to encourage token holders to accumulate and hodl LOH tokens over a long period of time.
!LADY
View or trade
LOHtokens.@hive-124452, you successfully shared 0.0100 LOH with @livinguktaiwan and you earned 0.0100 LOH as tips. (7/25 calls)
Use !LADY command to share LOH! More details available in this post.
Keeping it simple, the more of think of that the more I find how complex my estate can really be. I tend to over think things and I too find Spreadsheets the best thing since sliced bread.
I love spreadsheets! Used to use them a lot at work, now I'd find any excuse to play around in them! Sometimes I even use it to write notes 😀
Very good, yes it has to be done, death intestate causes so many problems and probate can run on for years, whilst the solicitors sit back and make a fortune.
I have also done the POA for wealth and health, that wasn't cheap it cost me £800 to set up, but I think very necessary.
That is seriously geeky!! LOL
Seriously need to know numero uno in the grown up list
Power of attorney is just a little too much for me at this stage. Damn it, perhaps I need to give it some serious thoughts 🥺
My numero uno in the grown up list was buying a house, but I forgot we got married before that...zillion years ago
Agh house buying, yes very grown up indeed. Personally I felt POA was a good idea, my kids now don't have to worry about managing my money and assets if I become vegetative, but there again I would not be in that state as it is clear that I want the machines switched off ASAP. No point in prolonging a life without quality
I read the same posts by bozz and kerris. I told them, like you, I need to stop putting this off and get it done. Good on you for taking time and putting such love into getting yours done.
It was a lot simpler than I thought, glad I got it done. One less thing to think about
Doing power of attorney is horrible. Well worth putting off!
I love a spreadsheet too but didn't need one for my assets. 50/50 to two people, boom!
Well, it ain't proper if it ain't on my spreadsheet, no matter how simple it is 😂
Need to let the POA thing sink in a bit first. But got to say it was a lot easier for us when mum had dementia
It does make it easier. I had it for my dad when he had a stroke and without it things would have been a mare
@tipu curate
Upvoted 👌 (Mana: 50/70) Liquid rewards.
For some reason, probably a somewhat taboo subject in the region where I was born, it is rare to see wills written on time. It is kind of assumed that children inherit assets, but sometimes this leads to arguments. Well, sometimes even when there is a will, although then it should be clean.
The apartment we acquired last year was an inheritance and I felt that one of the brothers was not very happy with the amount of 💰 he got after selling. 😅
In some sad cases, even there's a will, some people might still challenge it.
Often you can get a good deal when buying a property from an estate as the descendants may just want to get everything over and done with quickly. Maybe that's why one of your seller brother wasn't happy. Too bad for him
!PIZZA
It is great that you are taking care of your will. It is extremely responsible and makes things easier for your descendants. I have seen the hassle and drama dying intestate causes. Since then I have convinced my closest family members to make a will.
Well am glad you didnt think of funeralsi myself dont even want to think of writing my will now at this early age
@livinguktaiwan, one of your Hive friends wishes you a Happy Valentine's day and asked us to give you a new badge!
To find out who wanted you to receive this special gift, click here!
You can view your badges on your board and compare yourself to others in the Ranking
Check out our last posts:
$PIZZA slices delivered:
@danzocal(9/10) tipped @livinguktaiwan
yeah when my papa passed away a few years ago.. he passed way way way too young. But if he would have done any preperation would have made my life so much easier.. dealing with attorneys and things can be a handful.
Hello dear @livinguktaiwan . Peace be upon us all. Sorry to disturb your time. I want to ask what my mistake has been all this time. If I know my mistake I want to fix it.Please give me your best advice.
Try reading your comments, it will help.
https://peakd.com/hive-194913/@livinguktaiwan/re-mnurhiver-srhhgq
Most people make one good quality post a day, two if they have different content. You make 3 or 4 weak posts a day of similar topic in different communities to milk rewards. You also spam meaningless comments, 9 within 6 minutes including in a post written in Chinese.
You've been around for long enough to know better