About the gold price falling down 50% ?

Yup, my mother's aunt (not by blood, her husband was Mom's uncle -- her mother's brother) suddenly got alot more calls from her side of the family once her husband died and that side of the family was no longer as "tied" to her by blood.

Plus, you had a couple with no kids....a business in the 1950's through 1970's....then work as a bartender at one of the top restaurants in the NY/NJ area....wife had little clerical jobs....they spent nothing on housing (1962 purchase, 1100 sq feet 1-level)...cars....or jewelry....2 overseas trips I think in 50 years. Plenty of savings...some blue-chip mostly utilities and IBM investments and most savings in bonds/CDs.....VOILA !!! Pretty decent estate and the vultures come out of the woodwork.

I don't know how it works in other states, but when the law firm representing this estate or any other in New Jersey...they send out a notice not only to the beneficiaries but also to ANYBODY in the family who would have been entitled to $$$ had there been no will ("heirs at law" they call them). I mean, it's a bit irritating: you get a letter stating you are NOT a "winner" in the Estate Lottery.

So the same letter is sent by the law firm to maybe 25 people....and only 6 or 7 are getting anything.....an 18 people are there, all tied by blood to the decedent....and they're getting nothing for the most part (unless a specific asset lists them as beneficiary if not in the will). Like I said, it's like another shot to the gut for some of them especially because they tried to weasel their way into the will and/or they assumed they would be in there and instead see other family members or non-family members listed.

And you know some of them tried to talk their relative into updating/changing the will...but failed. They may have come close, but verbal affirmations or promises or even new drafts do NOT count. I know because one time there was a will that was NOT notarized....3 people signed it.....the 2 parents were deceased....but the other signer, a child, was alive and he vouched that the signatures above his were his parents (who ran the law firm that drafted the will). A non-notarized will might very well be thrown out.....but a valid notarized will will supercede even an attempt to draft a new one that is 95% complete if it is not 100% complete and signed and notarized. "Intent" doesn't count -- I know from hearing from bitching heirs at law.

You learn alot working as an advisor on some of these things. Very interesting stuff !

 

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Sell the greed buy the fear