That’s awesome Liz! If you actually lower the % given each year (maybe down to like 4-5%), perhaps the fund could sustain itself forever! Like a fully self-sufficient donation machine. Love it!

Thinking of it as a gift to others really helps. Thank you Liz :). Love the Pet idea too!

I saw recently a suggestion to both talk to your friends and family and put in a will who will care for your pet(s). Especially as life circumstances can change…. a parent may not be able to take on an additional pet, or a friend may be busy with a family or have moved far by the time they are needed. I have seen some people set aside a trust to provide funding to care for the pet to not burden the new caretaker with expenses.

I get that you and you wife just got through the last post on the topic, but think of this as a HUGE gift to your loved ones. My parents have their papers in order and it is such peace of mind!

Honestly, that’s probably what sparked my interest in this stuff right now too. My wife and I are closer to having kids, and so our thoughts are beginning to be less about us and more about kids. Glad to hear you and your fam are all squared away and have peace of mind! that’s priceless!

Great recommendation Martinus. I was calculating probate fees the other day for California… They are like 4% for the first 100k, then 3% for the next 100k, then 2% for the next 800k, and more ongoing from there. So for someone with a 1M estate, probate could be up to $23,000 in fees right off the bat. So paying a lawyer even $10k now to avoid probate completely is still a massive saving (assuming this basic scenario, not accounting for time value of money, etc.).

I realize it’s not always as clear cut as this simple example, but can definitely see how it saves money to get a decent priced estate lawyer that is as experienced as possible. Thanks for sharing!!

We all desire to have a large estate. Why would you cheap out and get commodity pricing and buy a will kit, or choose a lawyer based on cheapness. There is a difference and I see it daily.

An estate specialist lawyer will take time to ask you questions that you won’t even think of, conceivably saving your estate thousands of dollars. They may also help you prevent actions which are mean or stupid (if there ever was a time to be magnanimous, it is in death).

So my strong recommendation is to search out a lawyer who is an estate specialist, and chose one who has more than a few weeks on the job. This isn’t an issue in which you want to be parsimonious.

Thanks Aretina! One of my concerns is constant updating of wills/trusts. Once I get it all squared away I feel like my situation will change. Then change again, and then again. Glad to hear attorneys recognize this and have a set price to cover ongoing maintenance.

LOVE the idea of approaching it as family contingency planning. Or “generational wealth planning”. It’s not about us dying — it’s about future family members continuing what we started! :)

Years later, after our divorce, I made sure the trust was dissolved (as it was revocable, this was easy to do) and drafted a new one as a single. My trust attorney offers an estate planning package that for a set price the creation, maintaining, updating, filing of my trust is all-included; all my designated appointee has to do is call the firm and they get it all rolling and offer her advice if I’m no longer there. That really gives me piece of mind that if something happens to me, not only will my assets be immediately available to support my kids, but my family is not burdened with remembering details of accounts and processes.

Perhaps if you approach it from a contingency plan for the family business versus an end-of-life discussion, it will make your wife more comfortable?

Thanks again.