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Baltimore Hokie

Joined: 03/23/1999 Posts: 37666
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So here's the outcome of my BIL dying last month


Some of you may recall I posted that my BIL suddenly dropped dead a few weeks ago. It appears he suffered a massive hemorrhage resulting from hitting his head during a fall. He died rather quickly.

Both he and my SIL were retired. But their relationship was amazingly one-sided, financially - everything was in his name. So here's what we've been dealing with since his death.

- He had no life insurance. Surprise!

- He left no will. In MD, that means the first $40K of his estate goes to his wife, and the remaining amount is split between his wife and his surviving children, of which he has two.

- He left no survivor benefits on his pension.

- He did leave a 401k and a substantial stock portfolio, which are considered part of the estate.

- He did not have my SIL's name on any of his accounts. That means they too become part of his estate.

- They had just refinanced their house 2 years earlier with a 30 year mortgage. They owe over $240k on it, and, you guessed it, her name is not on the mortgage.

So in other words, he essentially planned on outliving his wife so he didn't need to provide for her after he died. Hard to think of this as anything but a parting 'eff you.' He could have taken out a life insurance policy to pay off the mortgage. All of his estate could have gone to his wife, had he only taken the time to write a will.

She now has to pay off the cost of the funeral and other expenses from the estate, and will eventually receive whatever she is entitled to by state law. And figure out how to financially manage the mess her husband left for her.

The moral of the story? Make a will, buy life insurance, and never assume who will die first.

Posted: 06/11/2021 at 2:45PM



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Current Thread:
 
  
So here's the outcome of my BIL dying last month -- Baltimore Hokie 06/11/2021 2:45PM
  Same here. My knows it, so I tread lightly. ** -- reestuart 06/11/2021 5:02PM
  You should have this down by now... -- EDGEMAN 06/11/2021 5:31PM
  I’m right there with you! Shhhhhhh! ** -- DonHo-kieHi 06/11/2021 4:31PM
  Mr. Potter will be glad to hear that. -- RhinoVT 06/11/2021 4:04PM
  They will not, most likely -- Baltimore Hokie 06/11/2021 4:19PM
  The best time to ask is when empathy is high -- lchoro 06/11/2021 7:48PM
  I like this.. -- One4VT 06/11/2021 4:04PM
  How old was he? ** -- Brown Water 06/11/2021 3:30PM
  69 ** -- Baltimore Hokie 06/11/2021 3:44PM
  Damn ** -- PhotoHokieNC 06/11/2021 3:27PM
  Many people just never get around to it -- Tailgate Guru 06/11/2021 3:25PM
  Maybe he just never got around to doing it? -- FfxStationHokie 06/11/2021 2:58PM
  You think he arranged all that purposefully? -- typed by ben 06/11/2021 2:54PM
  More negligent that purposeful -- Baltimore Hokie 06/11/2021 4:21PM
  I see ** -- typed by ben 06/11/2021 7:00PM
  Too coincidental unless he was already brain dead -- TomTurkey 06/11/2021 3:24PM
  Tom ** -- Stork 06/11/2021 3:53PM

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