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PaperclipPerfector  1yr ago (text post)   2982 thread views

Small-Scale Question Sunday for October 29, 2023

Do you have a dumb question that you're kind of embarrassed to ask in the main thread? Is there something you're just not sure about?

This is your opportunity to ask questions. No question too simple or too silly.

Culture war topics are accepted, and proposals for a better intro post are appreciated.

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What can I do with my money after I'm dead? (No, I'm not planning on dying soon, I'm just curious.) Is it possible to, say, have all of my money invested and untouched for a hundred years, with someone as a steward of the fund who is paid from it yearly just to manage it, and then create a foundation to, say, support a certain art or something I'm interested in after the money has amassed to a great amount? Is this legal? Are there foundations that people have planned after their death that are operating today in this fashion?

Afaik this is what Benjamin Franklin did. Gifted money to Boston in his will but declared they couldn't touch it for 100 years while it was invested.

In the US charitable foundations are required to spend at least 5% of their endowment each year. Also it's difficult to find someone with standing to sue if the foundation isn't being run according to the rules you laid out, so it might not go to what you want anyways.

Is it possible to, say, have all of my money invested and untouched for a hundred years

Generally no. And thank God. Because if this was allowed all the resources of the world would be controlled by long dead people.

https://en.wikipedia.org/wiki/Rule_against_perpetuities

Rich people in Medieval times used to give all their money to monasteries so that monks would pray for their souls. We can only guess how many person-millenia were squandered praying for the souls of the dead rich. A lot, presumably, even if most monks mailed it in.

Once you're dead, you'll have limited ability to control your former wealth.

That's why you should strive to spend nearly all your money before you die. If you don't, you'll get a Ford Foundation situation where your sad and weak descendants spend your money on the exact antithesis of your desired legacy.

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