AIBU to want to leave my money to charity and not to relatives?

[TheMoleInAHole]

I don't have children yet, due to fertility issues I may never have them. I'm in my early 30s so hopefully not going anywhere for a while but I'm planning my will. My parents are still alive so will receive my money(house, savings and life insurance) if I die before them. I'm an only child so siblings aren't an issue and I'm single.

However if I die after my parents and don't have children I want to leave the house and money to four or five charities with causes that are important to me. I have 22 first cousins and while I have no real issues with any of them I never see some of them and the rest I see once or twice a year.

My friend thinks that it's wrong to leave the money to animals/the homeless etc when I have relatives but personally I think that the charities could make better use of the money(about £500,000 or so) than if divided between some people I barely know, relatives or not. If we were especially close then yes that'd be different.

So AIBU?

Another option to consider is as you get (much) older (75+) downsizing to somewhere rented and supported. This will make care and support easier - you won't be dependent on family, you might be in a community with access to company, it will also liquify your assets so the estate is easier to distribute. Although owning clearly has many benefits there is also the burden of maintenance. I imagine that when we get to that age range it will be less tea dances and more whatever was in when we were younger. Or sell up and travel the world until you drop!

You’re still young and so much could change. Having read lots of horror stories about the way charities treat donors, I’d be wary of writing your will like this at this point of your life unless you will be willing to change it immediately if you have children or are in a long-term relationship etc.

Otherwise you might want to think about a set sum rather than a percentage for charities with friends or family being the residual beneficiary.

Why not. DW's godmother was in the same position as you are. DW got a couple of bits of jewellery as keepsakes but the rest of the estate (inc. a v large house in a nice part of Surrey) went to various medical charities.

So the life insurance is a separate issue to your estate. The money that is paid out when you die doesn’t form a part of your estate and can’t be left in a will. You need to nominate a beneficiary. As regards to your house, if you live to an old age the majority of that will likely go to care home fees. I think you need to get advice from a solicitor but it’s ublikrly that you will have much to leave.

Imagine if a charity that is actively monitoring your state of health is able to access your medical records

Very interesting (and not a little concerning) thought indeed, Wordthe

I'm guessing that this is going to become a thing much more as time goes on - especially with genetic screening (often sold innocent-soundingly as 'ancestry research') becoming more mainstream - with employers and insurers demanding to know as part of the agreement to give you a job or an anywhere-near-affordable (or indeed any) policy (a bit like black-box telematics for young adults buying car insurance who don't have a spare £5K), the NHS (and social pressure) insisting on your demonstrably 'playing your part' in reducing unnecessary public expenditure. I could well see this making its way into the public domain before very long.

What concerns me especially about this is the way a lot of people don't seem to consciously understand the difference between 'disability', which everybody would want to see eliminated if at all possible, and 'people who have a disability', who are as valuable individuals as anybody else. In the same way as the homeless problem in Windsor was apparently 'solved' in the run up to Eugenie's wedding....

life insurance and also because I can't think of that many things to spend my savings on, my pleasures are simple

OP, you sound like a very generous and kind-hearted person, but assuming your circumstances don't change (which, of course, they very well may do), why not think of yourself a bit more? If you find yourself amassing more and more savings which end up looking like they won't be going anywhere, would it be worth considering going part-time (assuming you aren't already) and/or moving to a less-pressured job that gives you more time, freedom and head-peace to just enjoy yourself and spend time doing what you want to do?

Also, kind as it is to consider your parents' well-being in the (presumably) unlikely event that you go before them, bear in mind that any savings you leave to them, as well as any life insurance pay-out, could just end up being swallowed up in care-home costs, that would otherwise have been funded by the government, as they age.

If it is what you want OP I would leave your money to charity but I would concur with other posters and make it £x if available amount after probate rather than a percentage of the initial estate before assets are dispersed. Some large charities do have a reputation for behaving less than seemly .

OP - leave your money as you like, but don’t underestimate the benefit of leaving it to a relative. My grandfather inherited from a distant uncle as a young man and that will has transformed the fortunes of all of his children and grandchildren. Even though it was only a farm, having some wealth in the family meant that his children could go to university at a time when this was unusual. Even now, I have a copy of that will - as do all the grandkids and even great grandkids. I really doubt that leaving it to a leave charity would have had the same tangible impact.

But anyway, if you are set on charities, look at how much is spent on admin and how much goes to good causes and what they do. I am very sceptical of the benefit of a lot of charities, and think the money would do as much good if it were left to one struggling family - e.g. if you sponsor a child, leave them the legacy. It would be transformational.

I'm with Eyewhisker on this one.

I couldn't leave everything to charity and not give my cousins a bean. Even a few thousand each could make a difference to their lives.

Honestly I’d rather leave it to the kids next door than some multi national charity. How many pink ribbons and fun runs have been done and still we’re no closer to a cure for cancer? The scientific break throughs appear to have happened before cancer became an actual business.

20 years ago I could have been you OP
No children , no husband , no siblings , just parents who I would have left everything to plus some first cousins who I wouldn't want to give anything to at all under any circumstances ( no contact since very young )

However time changes things
Now I have a partner of 10 years who I will leave the bulk of my wealth to , still no children and there won't be , no parents now & no siblings

However things have changed many times in the last 20 years , unpredicted life changing stuff that happens to all of us

I'm glad I didn't write a will back then with the need to keep constantly updating it , it might have been a gamble not to do so but with so many other unpredictable life changing events that have occurred since , I think the thought of constantly needing to keep something updated and the cost of worry that goes with not keeping on top of it would have made my MH plummet on top of the other life issues I have had to confront and contend with

It’s sensible to have a will reflecting your current wishes making and updating not a big deal. Have you made a will benefiting your partner? If not unless you own property jointly with them they won’t inherit if you died sudddenly.

Also agree about leaving to individuals. My granny was left a cottage by a spinster in her village who felt sorry for her as my granny’s father died young at 42 and my granny the only girl with 4 brothers. It set her up for life.

I don't have a partner at present(and don't really want one) but if I do acquire one I'll remember your advice and do so.

We've had quite a number of deaths in the family over the past decade and had a recent family crisis and having seen the mess that can result when no provisions have been made I'm anxious to make one, and although it might not be for everyone, having plans in place to prepare for the worst really helps my mental health.

Thank you all for the advice and opinions. It's very useful. I'm still very comfortable with giving it to charity and with my choice of charities but I'll keep an open mind and review the will at regular interviews.

Op google “charities aid foundation “ CAF then you can leave your charitable legacy to them in your will which they manage and you can update a letter of wishes with them identifying your charities which you can change or update without having to change your will and they sort it all out. Also means specific charities not named in will so reduces risk of issues.

Thank you MsTSwift. I'll definitely look into that.

Work in this area and they presented at a conference I went to recently seemed a good idea for clients unsure which charities to support or younger clients who might change their minds over time as to which charities. They’ve been going since the Second World War or something very above board.

Yanbu

You can leave your money to whoever you like.

Currently you are childless and in your early 30s with no plans to die any time soon - leaving it all to charities seems a great idea.

But I'd doubt this will be your only will. If you get married, have children you will make wills again leaving money to your husband and children - or even if you have a longterm partner.

And if you are dying at the age of 80 you might decide that you are really close to one cousin or one niece who has become v close to you and change your will then.

You might also have completely different ideas about what charities you support at 80 to those you were committed to at 30.

A will isn't forever. Keep it under review.

Also keep in mind that marriage automatically revokes an existing will (unless that will made in contemplation of marriage to your spouse and they are named). This catches people out

CAF sounds very interesting. I'm going to look into that. At the moment we have our estate going into trust and then to an existing charitable trust.

We're going to review our wills/letters of wishes again in the new year. We had an overhaul 18 months ago but still not happy with it (although it is much better). No angst if everything goes as expected - we leave our estate to each other and then to DS but what if it doesn't?

That's what had us changing our wills 18 months ago - the 'worst case scenario' situation (i.e. we all die in the same accident or DS predeceases us but we don't update our will afterwards). Quite sobering to think that your estate would likely end up with people you either barely know/don't like and already wealthy. Not quite sure how far to take this though...I think we possibly took it too far last time.

Yanbu it's your money. You do with it what you think best.
Please make sure you have a Will in place wether or not you leave to charity. Ensuring you have an executor appointed and have provided details of funeral wishes is going to be useful whatever happens. Let's face it if you get pregnant you have 9 months to execute a new Will.

Honestly I’d rather leave it to the kids next door than some multi national charity. How many pink ribbons and fun runs have been done and still we’re no closer to a cure for cancer?

Far more people have their cancer cured now than ever before. Survival rates are getting better all the time. Many cancers, if caught early, now have about a 95% cure rate. Other cancers have a far lower rate, but still higher than in the past.

You're talking nonsense.

It’s not cured it’s halted at best

YANBU.

Nothing wrong at all in my view, as no-one is being forced to move house or destitute as a result. My only suggestion is that if you have a cat or a dog, or ever expect to have one, to think about their upkeep, or even just some money so they are re-homed as easily as possible.

YANBU

Personally though, I would never leave money to charity. I am sure I could find someone deserving myself. If I had no one else, I would do my best to spend it while I could.