Found Family As Beneficiaries Of Your Will

People tend to use terms like “work spouse” disparagingly, but in certain professions, the people you meet at work become like family to you.  The inheritance laws of the United States make it such that the testator of a will can leave any portion of his or her estate to anyone he or she chooses, and no disinherited relatives can override the will to claim a share of the estate except the testator’s surviving spouse.  By contrast, if the decedent did not write a will, his or her closest surviving relatives inherit the decedent’s property.  Leaving property in your will to your found family, in addition to or instead of your blood relatives, can be an exhilarating way to show your appreciation; it is the closest you can come to living your best life from beyond the grave.  How much you tell your found family beneficiaries about your estate plan during your lifetime is also entirely your business.  If your will lists as personal representative of your estate a professional colleague who has become a close friend to you, it only makes sense to notify him or her of this fact as soon as you formalize your will.  For the beneficiaries, though, the bequest can be a surprise.  For help drafting a will that sparks joy in you and others, contact an Orlando estate planning lawyer.

Retired Professor Divides Most of Her $2.8 Million Estate Among 31 Former Students

Cris Hassold taught art history at New College of Florida for 50 years.  Throughout her career, and after she retired, she stayed in contact with many former students, some of whom also went on to teaching careers of their own.  Hassold was unmarried and did not have children, but many of her former students said that she was like family to them, providing emotional support and career mentorship, even when the students’ relationships with their families of origin were strained.  Except for occasionally hosting dinners at restaurants for her found family of colleagues and former students, Hassold lived modestly, and when she died in 2020 at age 89, her estate was valued at $2.8 million.

Hassold’s will listed 36 people as beneficiaries.  31 of them were former students of hers; presumably, the other five were her relatives and friends who had never taken her classes.  The amounts each beneficiary received varied from $26,000 to over $500,000, and most of them were surprised to receive it.  One beneficiary was incredulous at first when a check for $100,000 from Hassold’s estate arrived in the mail, because she had no idea that it was coming.  The beneficiaries spent the money on things they had been planning to spend their employment income on, such as medical debts and a down payment on a house.

Contact Gierach and Gierach About Estate Planning Like a Prosperous Professor

An estate planning lawyer can help you craft your estate plan so that the activities you love can continue to flourish after you are gone.  Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.

Source:

people.com/college-professor-left-former-students-the-majority-of-her-estate-11740287