Worst Joke Ever 2024

[ade]

Many people appreciate the value of leaving the world of paid employment. Some do it by living a minimalist existence and being self sufficient. Some by using property rights to accumulate assets that can be used to buy an income. I have chosen the second method. The problem is that this will leave a large inheritance. In the case where there is no named beneficiary these assets will be wasted.

I cannot be the first, last or only person with this issue. I know it is taboo but we should be able to discuss it on forums. I thought that an income could be paid in return for being the named beneficiary.

Does anyone have any thoughts or ideas?

Edited April 7, 2015 by seedy
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[worgeordie]

If you are living in Thailand,dont presume you are going to leave a large inheritance,

too many people have came to Thailand with lots of money,and lost the lot,there are

so many ways and people here to help you separate you from your cash,property

whatever,better to keep a low profile and let people think you have nowt.

regards worgeordie

[ade]

^{Sorry you have not understood the point of the post. The assets will otherwise go to the Queen of England. This is a waste of assets.}

[worgeordie]

So do you mean this?,if someone pays you a regular income you will name them

as beneficiary,to what ever property ,cash you have? are you from Nigeria by any

chance.

regards worgeordie

[chiang mai]

Move (a percentage of) your assets to different territories, say perhaps Thailand and then write a Thai will on those assets. Thousands of expats have been doing similar for many years.

Perhaps check out the "will" thread on this forum.

[Swiss1960]

So you would put me in your last will as beneficiary, I pay you a monthly "salary" or what ever you want to call it for being your beneficiary... and few years later you change your will and take me out...

nice new usiness idea... coming from Nigeria I assume?

[chiang mai]

So you would put me in your last will as beneficiary, I pay you a monthly "salary" or what ever you want to call it for being your beneficiary... and few years later you change your will and take me out...

nice new usiness idea... coming from Nigeria I assume?

Since English is not your first language, I'll try and describe my answer slightly differently:

For those of us who originate from say, the UK, and now live in Thailand as retirees, it's important to have two Wills, one each covering assets in either country. By doing that one can reduce/eliminate tax liabilities from their domiciled base.

Of course, if one does not have a suitable, "other" in Thailand then the above will not apply, for most retirees however it will.

For my part, by way of example: I have two Wills, one covering my assets in Thailand which will revert to my wife upon my death and a second, a UK Will which is split between my Thai wife and one other, a UK resident.

I hope this help and is useful.

BTW Swissie, get a life, new one!

[Swiss1960]

So you would put me in your last will as beneficiary, I pay you a monthly "salary" or what ever you want to call it for being your beneficiary... and few years later you change your will and take me out...

nice new usiness idea... coming from Nigeria I assume?

Since English is not your first language, I'll try and describe my answer slightly differently:

For those of us who originate from say, the UK, and now live in Thailand as retirees, it's important to have two Wills, one each covering assets in either country. By doing that one can reduce/eliminate tax liabilities from their domiciled base.

Of course, if one does not have a suitable, "other" in Thailand then the above will not apply, for most retirees however it will.

For my part, by way of example: I have two Wills, one covering my assets in Thailand which will revert to my wife upon my death and a second, a UK Will which is split between my Thai wife and one other, a UK resident.

I hope this help and is useful.

BTW Swissie, get a life, new one!

Well, Sir, English might not be my first language, but at least, I seem to read a lot better than you do... all YOU write is correct, since you have a beneficiary for you wills (as I do for mine and I will also have two wills once I arrive in Thailand at the end of this year), but now you should read the OP again:

Quote 1: "In the case where there is no maned beneficiary" meaning no wife, kids, parents etc... and the OP is afraid the UK (or Thai) governemnt will get all...

Quote 2: "I thought that an income could be paid in return for being the named beneficiary" which supports my statement and it is a pretty "interesting" business idea... and reminds me of the Nigerian mails about "send me money to unlock the money in my bank..."

I don't need a (new) life, I am pretty happy with mine and I am pretty happy also with my knowledge of and capability to read English wich I can prove with my Cambrige BEC Higher

[chiang mai]

Dichotomy dichotomy!

In the matter of point one:

- my grovelling apologies for my omission of quotes around the word, "wife", truly very sad on my part, I am humbled.

In the matter of point two:

- that is not attributed to me but rather to the OP.

Soooo, I think that all that leaves is our exchange of personal information regarding MBA's (and/or further academic qualifications) which I'm most happy to do, would you like to do that publically or privately, I'm relaxed either way?

[Swiss1960]

Dichotomy dichotomy!

In the matter of point one:

- my grovelling apologies for my omission of quotes around the word, "wife", truly very sad on my part, I am humbled.

In the matter of point two:

- that is not attributed to me but rather to the OP.

Soooo, I think that all that leaves is our exchange of personal information regarding MBA's (and/or further academic qualifications) which I'm most happy to do, would you like to do that publically or privately, I'm relaxed either way?

Naaa, learned during my EMBA when not to waste any time... you misunderstood my posts twice, am not giving third chances.

[ade]

I know where the Nigerian scam comments are coming from. Look at it this way if you have an inheritance and no named beneficiary the money goes to the state. How can you unlock value from that potential.

I am merely asking at this point. There is in fact risk both ways as the provider of income has an incentive to have the owner of the assets killed assuming there is a legal way of wrapping this all up. I am not asking for anyone's money at this point it is an academic exercise.

Any money will not be paid until my death which may be several years again. It is not a request for money now.

Edited April 7, 2015 by ade

[ade]

Move (a percentage of) your assets to different territories, say perhaps Thailand and then write a Thai will on those assets. Thousands of expats have been doing similar for many years.

Perhaps check out the "will" thread on this forum.

I do not understand the benefit of writing a Thai will in my case. I have no nominated beneficiary.

[ade]

So you would put me in your last will as beneficiary, I pay you a monthly "salary" or what ever you want to call it for being your beneficiary... and few years later you change your will and take me out...

nice new usiness idea... coming from Nigeria I assume?

Since English is not your first language, I'll try and describe my answer slightly differently:

For those of us who originate from say, the UK, and now live in Thailand as retirees, it's important to have two Wills, one each covering assets in either country. By doing that one can reduce/eliminate tax liabilities from their domiciled base.

Of course, if one does not have a suitable, "other" in Thailand then the above will not apply, for most retirees however it will.

For my part, by way of example: I have two Wills, one covering my assets in Thailand which will revert to my wife upon my death and a second, a UK Will which is split between my Thai wife and one other, a UK resident.

I hope this help and is useful.

BTW Swissie, get a life, new one!

You have a person you want your assets to be passed to I do not. I agree that wills can be changed. I do not know if there is anyway to lock that down legally. Why would I want to take you out and not receive my income. By the same token you could have me killed and not pay the income. I am not asking for money at this point.

[CharlieH]

If you are concerned about it going to waste, why not just make a will and leave it to a charity or organisation of your choice. Cancer Research as an example.

There are also many companies in the Uk that will BUY the properties off you out right, allow you/others to remain as a free Tenant for the remainder of your life and it becomes theirs when you die.

Just two options.

[skatewash]

It seems there are two issues here:

1) income stream during your lifetime, and

2) what happens to your estate when you die.

Are you satisfied with your current income stream? Are you worried about outliving your assets?

If you're not satisfied with your current income stream, do you have assets that can be used to generate a higher current income stream? For example, if you own a home you could get a reverse mortgage which would give you an additional income stream while you continue to live in your house for the rest of your life. When you die the house would belong to the holder of the reverse mortgage.

If you're worried about outliving your assets you could purchase an annuity which would guarantee a certain income stream for the rest or your life.

As far as the 2nd issue, what to do with your estate:

You can leave your estate to whomever or for whatever purpose you wish. If there are no people to which you wish to leave your estate, are there any causes you would like to support? Maybe set up a trust to fund scholarships for needy students, as an example. Leave your estate to various charities or organizations that you would like to support. Charities that care for people suffering from particular diseases. Charities that support research into certain diseases. Wish to support space travel? Leave your money to a company like SpaceX. The possibilities are endless.

Congratulations on being financially independent. Good luck and best wishes making your decisions regarding your estate.

[VBF]

If you are concerned about it going to waste, why not just make a will and leave it to a charity or organisation of your choice. Cancer Research as an example.

There are also many companies in the Uk that will BUY the properties off you out right, allow you/others to remain as a free Tenant for the remainder of your life and it becomes theirs when you die.

Just two options.

Actually, what a lovely problem to have!

The OP is really saying "I have so much money that I don't know what to do with what's left when I die!" You lucky soldier, you

But I agree with CharlieH and Skatewash - additionally, under UK law a Beneficiary, does NOT have to be an individual and can be a charity or charities. So if the OP made a Will and included a list of Beneficiaries with the phrase "Any UK Registered Charity" , he can then make a Letter of Wishes and list the charities he favours, changing them whenever he likes.

I made my Will only last month and I did just that, along with a list of friends worldwide - I'm UK resident so that covers it. So I have Person 1, Person 2.....etc. Then, in the Letter of Wishes, I apportioned x% to Person 1, y% to Person 2, etc.

I've also named 3 UK charities and simply made the totals up to 100%.

It has been approved by a Solicitor who is also a Notary Public and is, for me the simplest and most flexible way to go - I think it might also work for the OP to whom I pass the wish that it will be a long time before it's needed!

Edited April 7, 2015 by VBF

[SheungWan]

There comes a point where income generating property might better be sold off with the advancing years.

[ade]

If you are concerned about it going to waste, why not just make a will and leave it to a charity or organisation of your choice. Cancer Research as an example.

There are also many companies in the Uk that will BUY the properties off you out right, allow you/others to remain as a free Tenant for the remainder of your life and it becomes theirs when you die.

Just two options.

On your first point I am sorry to say that I am not religious or charitable. The charity will have an incentive to have me killed and there will be no benefit to me.

On the second point I own financial assets rather than property. I intend to maintain the structure of the assets.

Thanks for your reply.

[ade]

There comes a point where income generating property might better be sold off with the advancing years.

A rather simple reply I am afraid. If I started to sell the assets I may live and then I will be old and in poverty. That surely will be very poor decision making.

[CharlieH]

You seem to be pre-occupied and overly concerned with people "wanting/having you killed", and to suggest a "Charity" would is frankly absurd!

and besides they or whoever wouldnt know about it until you were already dead !

That type of response leads me to believe this is a TROLL style post.

[ade]

It seems there are two issues here:

1) income stream during your lifetime, and

2) what happens to your estate when you die.

Are you satisfied with your current income stream? Are you worried about outliving your assets?

If you're not satisfied with your current income stream, do you have assets that can be used to generate a higher current income stream? For example, if you own a home you could get a reverse mortgage which would give you an additional income stream while you continue to live in your house for the rest of your life. When you die the house would belong to the holder of the reverse mortgage.

If you're worried about outliving your assets you could purchase an annuity which would guarantee a certain income stream for the rest or your life.

As far as the 2nd issue, what to do with your estate:

You can leave your estate to whomever or for whatever purpose you wish. If there are no people to which you wish to leave your estate, are there any causes you would like to support? Maybe set up a trust to fund scholarships for needy students, as an example. Leave your estate to various charities or organizations that you would like to support. Charities that care for people suffering from particular diseases. Charities that support research into certain diseases. Wish to support space travel? Leave your money to a company like SpaceX. The possibilities are endless.

Congratulations on being financially independent. Good luck and best wishes making your decisions regarding your estate.

Thanks for what is probably the only proper reply.

I will have enough income to live on without additional income.

My concern is that there is value in the estate I will leave and there seems to be no way to unlock that value.

While an annuity appears to solve the problem annuities are in fact very poor value. at 4% or so annually you have to live for 25 years just to get your money back. I am easily able to outperform this level of return. If annuity rates were 8% or so they will then be the solution.

As I said to another respondent. I am sorry I am not charitable. The charity will have an incentive to arrange my early death and there will be no benefit to me.

[CharlieH]

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