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  1. #1
    Mopey is offline Sapphire level (2000+ posts)
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    Default Has anyone been part of a succession pact?

    I think that's the word (not secession)....

    My father is planning this with his estate; he just let me know over vacation. He is splitting everything in thirds for my sister and me and our stepmother. I've never really thought about any of this (I don't look at him and see $) but can anyone share what their experience was like? We have to agree to everything and if we don't like it once he's gone we can't do anything about it.

    I am happy he's being responsible (we are doing life insurance, wills, asked my sis to take care of Miss Mopey, etc.) but I am just learning he has varied assets and I'm starting to get curious as to how he may split things....

    Any info would be greatly appreciated! TIA
    Mom to Miss Mopey! 3/12 & Baby Boy GoGo! 7/15



    "Be kinder than necessary. Everyone you meet is fighting some kind of battle."

  2. #2
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    My mother was part of something similar in her father's will. His assets were split 50/50 between the kids and his wife. It was specified in his will that everything was to be evenly split...insurance, the $$ from the sale of the house, vehicles, savings, etc. It was also specified that if anyone contested that their portion was forfeit and was to be divided up. I think he was afraid that the kids would argue.

    The division of assets may depend on how the will is worded. My mother received checks for her portion of the assets over the span of around a year. The insurance part was really quick, but it took some time to go through the house and distribute/organize personal things then sell/donate/distribute his possessions including larger items like vehicles and their home (my Grandma moved into assisted living at that point).

    It was specified in the will that my mother was in charge of decision making, so for example, she was the only one with any authority to agree to a selling price on the house. If anyone contested then their portion was forfeit.

    Things went really smoothly and no one complained. Everyone knew about the wording of the will before my Grandpa's death, so I'm not sure if that helped.

    Is this sort of what you were looking for? I'm not sure if this is helpful at all.

  3. #3
    Mopey is offline Sapphire level (2000+ posts)
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    It is a bit of what I was looking for, thank you

    I am a little nervous about property (overseas) and my awful SB. My mom made a good point about arranging it so that if anything happens to my sis or me our portions go to each other. I would really want to take the opportunity to make sure everything is copacetic but I am nervous to contest/discuss things (don't want to be insulting). I would be quite nervous about who is in charge of what as I have seen that become awful (my aunt stole almost everything right out from under her sibs noses as executor). From what I understand we would have to arrange all that before signing anything.

    Thanks Mrs. Skeeter!
    Mom to Miss Mopey! 3/12 & Baby Boy GoGo! 7/15



    "Be kinder than necessary. Everyone you meet is fighting some kind of battle."

  4. #4
    KLD313 is offline Emerald level (3000+ posts)
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    Quote Originally Posted by Mopey View Post
    It is a bit of what I was looking for, thank you

    I am a little nervous about property (overseas) and my awful SB. My mom made a good point about arranging it so that if anything happens to my sis or me our portions go to each other. I would really want to take the opportunity to make sure everything is copacetic but I am nervous to contest/discuss things (don't want to be insulting). I would be quite nervous about who is in charge of what as I have seen that become awful (my aunt stole almost everything right out from under her sibs noses as executor). From what I understand we would have to arrange all that before signing anything.

    Thanks Mrs. Skeeter!
    If something happened to you wouldn't you want your portion to go to your daughter? I think rightfully it would be hers. My moms will states that if something happens to me my kids would get the inheritance.

  5. #5
    kellij is offline Platinum level (1000+ posts)
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    Well, how is he doing it, in a will or a trust or what? There should be an executor a trustee and they should have ultimate decision making power once he's gone. Is he planning for you to be co-trustees or co-executors? Basically we can probably give you more information if you can give some more details.

  6. #6
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    nrp is offline Platinum level (1000+ posts)
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    Quote Originally Posted by Mopey View Post
    I think that's the word (not secession)....

    My father is planning this with his estate; he just let me know over vacation. He is splitting everything in thirds for my sister and me and our stepmother. I've never really thought about any of this (I don't look at him and see $) but can anyone share what their experience was like? We have to agree to everything and if we don't like it once he's gone we can't do anything about it.

    I am happy he's being responsible (we are doing life insurance, wills, asked my sis to take care of Miss Mopey, etc.) but I am just learning he has varied assets and I'm starting to get curious as to how he may split things....

    Any info would be greatly appreciated! TIA
    I am an estate planning attorney, but I'm not familiar with this concept. Is this some sort of document that your father is proposing you and your sister and stepmother sign to somehow consent to your father's intended disposition of his estate? I guess I don't know what the point is, really, or how enforceable it would be. A PP mentioned a no-contest clause, which is a provision in a Will that says if a beneficiary brings a challenge to the Will, then he or she may forfeit their bequest (most states put limitations on the enforceability of such a provision so that good-faith contests are permitted). That is pretty common.

    When you say that you have to agree to everything and when he's gone you can't do anything about it, I guess my response is whatever disposition he elects, once he is gone, you can't really do to much to change it anyway. True, in the absence of specific direction, the Executor has some leeway in determining which assets go where, but the ratios of how the estate is divided are determined by the Will (or revocable trust) or, in the absence of a Will, by the state's intestacy law. You and your sister and stepmother can't willy-nilly override the Will just because you want a different disposition after he dies.

    If your father is concerned about friction during the administration of his estate, then maybe a good solution would be for him to name a trusted third party as executor (i.e., someone other than your stepmother or you or your sister). If the estate is large enough, a corporate executor (bank or trust company) could also be an option. Another idea would be for him to provide more specificity in his Will as to which assets go where. For personal assets, I often include a provision in the Will whereby the Executor is instructed to abide by the terms of whatever handwritten memorandum the testator may leave directing the disposition of various personal assets (e.g., "my mother's wedding ring to my granddaughter, Mopey").
    Mommy to
    DD1 (12/06)
    DS (6/08)
    DD2 (10/11)

  7. #7
    Mopey is offline Sapphire level (2000+ posts)
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    Quote Originally Posted by KLD313 View Post
    If something happened to you wouldn't you want your portion to go to your daughter? I think rightfully it would be hers. My moms will states that if something happens to me my kids would get the inheritance.
    Yes, you are right - just said this to my hubby earlier.

    As for the other questions, my dad lives in Europe, but not in the country of which he is a citizen, but is now a citizen by marriage. All he mentioned was that someone had told him about this idea and he thought it was good. Thirds split and we would most likely have to come see them for signing in a few months. No idea about executors, etc. No idea about division. I have no idea how much, if any, room for negotiation there is, etc. I mean, I just found out he has land where we were vacationing that he's had for over a decade and wants to sell. As I said, his $ is not on my radar.

    And there had seriously better be copies in English. My legal jargon in his language is not up to snuff

    Thanks everyone.
    Mom to Miss Mopey! 3/12 & Baby Boy GoGo! 7/15



    "Be kinder than necessary. Everyone you meet is fighting some kind of battle."

  8. #8
    legaleagle is offline Diamond level (5000+ posts)
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    Inheritance rules in countries using civil law is very very different than common law probate in the US. If he has both US and foreign assets, he needs to be sure to talk to an attorney in both countries to properly coordinate distribution so that things end up as he wants.

  9. #9
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    nrp is offline Platinum level (1000+ posts)
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    I don't have any idea what the laws might be outside the US. If I were you, I might consider obtaining local legal counsel of my own before signing anything. Not necessarily because you are in any position to negotiate, but just to make sure you are fully aware of what you are signing. Your dad's attorney probably would have a referral for you and you could have it reviewed remotely.

    Ditto what legaleagle said about your dad having representation in the US if he has assets over here - he probably would need a US Will as well.
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