Legacy stuff

Narj · 29 Jul 2019 at 23:44

Hey all. Sorry for the Macabre tone.

Long story short but it's been pointed out that I'm a fragile meat bag and I need to sort my paperwork out. I'm not rich but if I get hit by a bus then there is stuff that needs to go somewhere...

Most of my family would sp##k any payout on drink, drugs, gambling or a combination of all three so I'm looking at possibly doing a bursary kind of thing for music students or maybe a charity thing.

Has anyone done this before and how do I make it watertight? You see stuff appealed and overturned in the news now and then.

Any advice appreciated

rebel rebel · 30 Jul 2019 at 00:10

You say your family would splurge it on drink and drugs, and your solution is to give it to students?

Narj · 30 Jul 2019 at 00:13

rebel rebel said:
You say your family would splurge it on drink and drugs, and your solution is to give it to students?

Hah.. My experience with conservatoire music students is hard working people who basically spend a lot of time alone to perfect their craft. Not really party people...

These people are not lazy idiots doing gender studies.

It's just an idea.

rebel rebel · 30 Jul 2019 at 00:18

I know what you mean. I wouldn't want my siblings or their kids to get anything of mine. So would probably give everything to a friends kids.

Narj · 30 Jul 2019 at 06:35

rebel rebel said:
I know what you mean. I wouldn't want my siblings or their kids to get anything of mine. So would probably give everything to a friends kids.

Hah I'm not the only one in here with a Jeremy Kyle family then

peterwalkley · 30 Jul 2019 at 08:04

How much in money are you talking about ? Unless its a few hundred grand or more, running a bursary will be expensive so it is likely far more efficient if you leave a lump sum to an existing scheme rather than trying to set something up.

On the water tight thing, wills can be challenged, but there needs to be good reason for it. There is a general expectation that those financially dependant on you will be covered (e.g. spouse, children) but beyond that would be quite hard. The chances of some druggie third cousin getting it all are quite low, provided your will is explicit. See a lawyer and go in with a clear written statement of your intent. Keep it all as simple as possible.

ttaskmaster · 30 Jul 2019 at 10:14

Psycho Sonny · 30 Jul 2019 at 11:12

Leave it to a charity which actually helps people. A local charity would be best too.

You can ask local referral places for recommendations on charities they are associated with or help them or they send people to.

Deleted member 77746 · 30 Jul 2019 at 11:30

Sign everything over to me, I'll take good care of it all.

spolsh · 30 Jul 2019 at 12:52

If most of your family would spend it on stuff you don't approve of, why not leave it to the ones that you deem as suitable (when you say most it implies you approve of some of them).

Puzzled · 30 Jul 2019 at 18:40

mrbell1984 said:
Sign everything over to me, I'll take good care of it all.

I see a plan here

Step 1: Create a OcUK bursary scheme and get members to sign over estates in their will.
Step 2: Hunt down every OcUK member and ensure they have an "accident".
Step 3. Profit