Recently had a relative die, and because I spent the most time with this relative, they left me as sole beneficiary. This relative was awful with money all their life, gambling, pay day loans, etc, never married, lived alone, no kids, and probably owed more money than they had. So I didn't expect to get anything - I was actually thinking it would cost me thousands because I had to go clue up their affairs and pay for the wake/cremation, etc.
So anyway I find out there's a federal life insurance policy this relative had that goes to me, and the figure is fairly substantial. Well over a year's salary - way too much money for me to keep to myself in good conscience. So I decide I'll keep some for myself and spread it around to this relative's living family in another province. There are some great people among this family who really need the money more than me, but there are also a handful of... problem people, to be frank. Drug addicts, criminals, scam artists, lazy bums, etc.
These people know nothing about the life insurance settlement and I'm not sure how to go about this. There are certain relatives I want to give more money to, but then I'm afraid it'll get out that I'm playing "favourites". There are relatives who would use a decent sum of unexpected money to blow on drugs and alcohol, and in that sense it could be detrimental to them. I could just dole out the money equally, but then I'm wondering if the bums of the family will get in their mind that I still have the lion's share of the money and will constantly be hitting me up for cash, making things awkward. No matter how much I give them, they'll no doubt think I'm only giving them a pittance of the cash and keeping most for myself. They'll get bitter than this relative left me as sole beneficiary.
I kind of want to literally pass the buck and give a large portion of the money to a relative over there to deal with the trouble of doling it out as they see fit, but I'd feel bad putting the stress on them. Biggie was right - mo money mo problems.
So anyway I find out there's a federal life insurance policy this relative had that goes to me, and the figure is fairly substantial. Well over a year's salary - way too much money for me to keep to myself in good conscience. So I decide I'll keep some for myself and spread it around to this relative's living family in another province. There are some great people among this family who really need the money more than me, but there are also a handful of... problem people, to be frank. Drug addicts, criminals, scam artists, lazy bums, etc.
These people know nothing about the life insurance settlement and I'm not sure how to go about this. There are certain relatives I want to give more money to, but then I'm afraid it'll get out that I'm playing "favourites". There are relatives who would use a decent sum of unexpected money to blow on drugs and alcohol, and in that sense it could be detrimental to them. I could just dole out the money equally, but then I'm wondering if the bums of the family will get in their mind that I still have the lion's share of the money and will constantly be hitting me up for cash, making things awkward. No matter how much I give them, they'll no doubt think I'm only giving them a pittance of the cash and keeping most for myself. They'll get bitter than this relative left me as sole beneficiary.
I kind of want to literally pass the buck and give a large portion of the money to a relative over there to deal with the trouble of doling it out as they see fit, but I'd feel bad putting the stress on them. Biggie was right - mo money mo problems.
