Leaving estate to charity

[Anonymous]

While a lot can happen in the next 20+ years, there's the possibility that my partner and I could leave an estate worth a few million dollars. We don't have children, and while we are on good terms with our six nieces and nephews, we aren't particularly close. Plus, they all have secure careers and don't really "need" our money. So we are considering changing our wills and leaving most of our assets to charity rather than keeping it within the family. Wondering if anyone else is in this situation? If so, did you have a conversation with your siblings/nieces/nephews to let them know, or are you keeping that information private?

[Anonymous]

As the niece of people without children, including a very wealthy couple, I’ve never assumed or expected I would inherit anything from them (and have not from those who are deceased). I would have found it awkward if they told me directly I was not getting anything.

[Anonymous]

I am a niece of a wealthy childless uncle. I agree with the PP, I would find it awkward if my uncle approached me to tell me about his estate planning. I expect him to leave his money to a couple of charities that he and my aunt have been supporting for years.

[Anonymous]

Can I be part of the charity? Any money would be life changing.

That comment aside I assume no one is expecting the inheritance and there is nothing to discuss. But it boggles the mind that an abstract charity would do more to help than family or individual donations, how does this work just transfer millions to a foundation?

[Anonymous]

Nothing to talk about. Leave it to family.

[Anonymous]

I would never expect to get an inheritance from and aunt or uncle. Do whatever you’d like with your money.

[Anonymous]

Anonymous wrote:While a lot can happen in the next 20+ years, there's the possibility that my partner and I could leave an estate worth a few million dollars. We don't have children, and while we are on good terms with our six nieces and nephews, we aren't particularly close. Plus, they all have secure careers and don't really "need" our money. So we are considering changing our wills and leaving most of our assets to charity rather than keeping it within the family. Wondering if anyone else is in this situation? If so, did you have a conversation with your siblings/nieces/nephews to let them know, or are you keeping that information private?

Absolutely.

DH sister & husband did this. Great idea. And nope she did not have a conversation. This was tens of millions.

It is your money no one's business what you do with it.

[Anonymous]

I got a $120k inheritance from a long lost uncle, and it paid off my kid's college fund. It was great, but totally unexpected and it was so thoughtful of him to even remotely think of us. I certainly didn't expect it and it would've been super awkward if he'd told me "you're not in my will." If he'd said to me "I'm leaving my money to X charity" that would've been no surprise to me either.

As it was, he left his "estate" to 4 of us and his life ins money to 3 of us. The will literally says "I am willfully and purposefully excluding Jane from the life ins portion of the money". It made things difficult on us as the "estate" was worth about $5k and the insurance was worth $360k.

[Anonymous]

Nobody is owed money and certainly no one is owed MY money so no one should be expecting it which means I don't need to consult with anyone about what I do with it.

[Anonymous]

Anonymous wrote:Nobody is owed money and certainly no one is owed MY money so no one should be expecting it which means I don't need to consult with anyone about what I do with it.

Coming back to say that I am actually leaving all my stuff to my nieces and nephews. If one steps up to take me on as a feeble old lady, I will change to leave them more. I am not super close to any of them but they are loving toward me when we are gathered as a family.

[Anonymous]

Can it be both/and? Small amounts to them and the rest to charity?

[Anonymous]

Anonymous wrote:Can it be both/and? Small amounts to them and the rest to charity?

NP. But why?

[Anonymous]

It would be off putting and uncomfortable if a childless aunt/uncle informed me I would not be getting anything from their estate. Who cares if they're thinking they'll inherit something? That's their problem, and you'll be too dead to care if/when they're upset about it.

[Anonymous]

We have a nephew who has 2 kids. We send the kids birthday cards.

We are leaving our money to my husband's alma mater (BS, PhD) to graduate students doing PhD theses in his area of interest.

[Anonymous]

I don’t think you need to say anything that would be weird and that would make everyone doubtful of you guys.

That said you don’t know what will happen to you guys in old age and if your nephews/nieces will be supportive of you guys later on. So I might not say anything and observe.

You could leave some to the grandnephews for college and part to charity