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  • About my inheritance (whenever it shows up)

    I'm hearing we should get an initial payout "soon" but who knows when that is ... however, apparently it could take as long as TWO YEARS to finalize everything.

    Seriously? We're not talking Bill Gates here!!

    Anyway, this isn't about the time span it might take.

    You might have read my post about my brother emailing me on Feb. 3 and telling me I had till the end of the month (actually, Feb. 26) to find an apartment and get out of the house ... despite the fact that I work 2 jobs, which often means a six-day work week, and the fact that it is VERY hard to find apartments in Windsor. They vanish at light speed, some almost before the ad hits the website.

    I have lucked out and found a lovely place.

    The friend who drove 5 hours to help me get most of the house packed and stored or taken to the new place heard me talking to Bro about what to do with the money (when it arrives). I know little about investing, except "Buy low, sell high". I said "Well, you could always manage my money ..." and Bro said, "Sure, and I'll even do it for free!" He managed our mother's finances through her final years and did a good job.

    Friend is not impressed. She said after the debacle with the house, I should absolutely NOT trust him to handle my money.

    I have to admit I no longer trust him to manage my old-age care. I am likely to be moving someday to central Ontario instead, where I have three cousins nearby, one of whom has said she'll be happy to be my PoA. If I move out West ... I've got only Bro.

    Having said that, I have no reason whatever to believe he's dishonest. I don't know his exact worth, but I guarantee it's far more money than I'll EVER see.

    I agree that it makes no sense that I would trust him with my money but not with me, so to speak.

    Thoughts?
    Customer service: More efficient than a Dementor's kiss
    ~ Mr Hero

  • #2
    I'm not someone that has ever invested money (don't have any atm to invest) but I worked with a few different accountant and financial companies over the years. One thing I did pick up was 'don't put all your eggs in one basket'. It's a pretty good saying for general life decisions too.

    It depends on how much money will be coming your way. Maybe consider putting what ever money comes your way into a few different investments. So you could ask your brother to invest a third, then put a third into something like a good term deposit/investment account and the final third into your pension (if you are able to contribute cash to it).

    These are just random examples, you are in a better position than me to know what would work in your country and your circumstances.

    If I was making the choice for myself, at my age of mid 30's, I would put half in a deposit to buy my own house and then put the rest in my superannuation account (similar to a pension fund).

    One very important thing to remember, make sure that you have everything in writing if you have your brother invest any of your money. Try to have a lawyer do up paperwork. The firm wrapping up your mum's estate may be able to either help or point you in the direction of a firm that can.
    A good bookshop is just a genteel Black Hole that knows how to read. - Terry Pratchett, Guards! Guards!

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    • #3
      Seriously consider doing some research and having someone else manage the money. If you go with bro, get an airtight contract. If he refuses to sign it/acts insulted...? Huge red flag right there.
      "For a musician, the SNES sound engine is like using Crayola Crayons. Nobuo Uematsu used Crayola Crayons to paint the Sistine Chapel." - Jeremy Jahns (re: "Dancing Mad")
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      • #4
        Your "brother" has explictly demonstrated that his convenience trumps everything. You'd be better off (or no worse) contracting with a random stranger.
        I am not an a**hole. I am a hemorrhoid. I irritate a**holes!
        Procrastination: Forward planning to insure there is something to do tomorrow.
        Derails threads faster than a pocket nuke.

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        • #5
          Banks and other investment companies usually offer financial investment advice for no charge. While most will be trying to sell you their products, they will be offering good advise. Try to get them to talk strategy more so then products. Talk with a few of them.

          You are getting into the game late in your life, so it is not like you will be doubling your money and retiring to the Caribbean soon. The main goal will most likely be to keep the money from loosing value or being lost/stolen, while maintaining a high level of liquidity.

          Ask the lawyers that you work for if they have a financial advisor that they would recommend.
          Life is too short to not eat popcorn.
          Save the Ales!
          Toys for Tots at Rooster's Cafe

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          • #6
            Getting relatives to do major services for you "for free" is almost never wise. You might be lucky... or the services might be worth what you paid for them, or they might call in the marker on their terms.

            And this guy has already shown that he's not looking out for you like family.

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            • #7
              Quoth Mental_Mouse View Post
              this guy has already shown that he's not looking out for you like family.
              Yeah, this.

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              • #8
                Quoth Pixelated View Post
                apparently it could take as long as TWO YEARS to finalize everything.
                That's about how long it took my mom and her cousin to probate a great aunt & uncle's estate. Yes, it included selling a house in a slow market. The cousin is in the real estate business.
                As for your finances, I agree with csquared: get some recommendations and look into such services from banks and other investment firms in your area.
                When you get your cut, do check about inheritance taxes in your province. Also, it's hard to go wrong paying off debts.
                I'm trying to see things from your point of view, but I can't get my head that far up my keister!

                Who is John Galt?
                -Ayn Rand, Atlas Shrugged

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                • #9
                  Quoth Pixelated View Post
                  it could take as long as TWO YEARS to finalize everything.
                  I didn't realize until just now how fortunate I was with Mom's estate. She passed the Saturday before Thanksgiving, and I had my share by the middle of February.

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                  • #10
                    Only three months!? Sounds like your mom had her affairs well in order and heavily liquidated assets.
                    Count your blessings, Morgana.
                    I'm trying to see things from your point of view, but I can't get my head that far up my keister!

                    Who is John Galt?
                    -Ayn Rand, Atlas Shrugged

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                    • #11
                      My gandmother passed 18 years ago and her estate is still open. An uncle refuses to settle for an equal share, he thinks he deserves half. My Dad estate was settled in two months and would have been sooner if the judge allowed it. Dad and Mom had their ducks in a row.
                      Bow down before me for I am ROOT

                      Preserving precious bodily fluids sine 1952

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                      • #12
                        I'm in the same province as Pixelated, and we're hitting the 16-month mark for my dad's estate. And he DID have everything in order. It's the banks where he had his money that were the problem.

                        That said, there was some insurance that paid off pretty quickly, and some other investments he had that came through a few months later.

                        Good luck!

                        B
                        "Only two things are infinite, the universe and human stupidity, and I'm not sure about the former."- Albert Einstein.
                        I never knew how happy paint could make people until I started selling it.

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                        • #13
                          Quoth taxguykarl View Post
                          Only three months!? Sounds like your mom had her affairs well in order and heavily liquidated assets.
                          Count your blessings, Morgana.
                          Yes she did, and yes I do.

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                          • #14
                            Quoth Bandit View Post
                            And he DID have everything in order. It's the banks where he had his money that were the problem.
                            One factor my mother encountered was that her aunt & uncle had a lot of CD's and she had to wait 'til those matured.
                            I'm trying to see things from your point of view, but I can't get my head that far up my keister!

                            Who is John Galt?
                            -Ayn Rand, Atlas Shrugged

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                            • #15
                              CD's? You guys take the pop and classical, I'll have the show hits and opera?

                              And if you want someone to look after your money,we'll do it for you. We only charge a small fee
                              The Copyright Monster has made me tell you that my avatar is courtesy of the wonderful Alice XZ.And you don't want to annoy the Copyright Monster.

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