Does it really matter what happens to your stuff once you’re gone? The answer is yes.

You don’t want random strangers deciding who gets your collection of concert stubs or the bicycle on which you logged so many miles. And you definitely don’t want your friends and family squabbling over the last $200 in your checking account or the $5,000 vacation fund you worked so hard to accumulate.

There’s so much information out there about what actually goes into a will. New York City estate attorney Michael C. Levy helps us separate myth from fact.

Myth #1: I can leave everything to my cat (or dog or parakeet)

Believe it or not, you can. But it’s a bit more complicated than a simple yes or no.

“You can’t technically leave property directly to a pet because a pet has no means to accept the property,” Levy says. “They are not human, and they are incapable of understanding the concept of money or property.”

What you can do, is set up a pet trust and leave all the money, real estate and property you want to that trust to be administered by an executor of your choice.

Don’t think it happens? That’s what heiress Leona Helmsley did when she died in 2007, leaving her beloved Maltese named Trouble a whopping $12 million.

A judge eventually slashed Trouble’s extravagant inheritance down to $2 million — the remaining $10 million went back into her charitable trust — but the pooch lived a lavish life until she died in 2011 at the age of 12.

Myth #2: I can just write my wishes on a piece of paper and give it to my mom

“That’s not a good idea because most states require certain formalities to have a will entered into probate and actually considered valid,” Levy says.

Generally speaking, you must state your final wishes and intentions in writing, and have the document signed by two witnesses who must affirm that they saw you sign the will, Levy says.

“If you cannot prove that the will was validly signed, it will ultimately not be admitted to probate,” Levy says. “The piece of paper to mom is not going to work.”

Myth #3: I can put in whatever I want, right? It’s my will!

Actually, no. The probate court will not uphold anything that’s illegal or against public policy.

Levy has also seen wills that place conditions on heirs that they be married or marry a person of a particular religious faith. None of this is likely to hold water in court, he says.

And explicitly disinheriting someone sets up the estate to be challenged in court by the disgruntled relative, so that’s usually frowned on as well, Levy says.

If you’re dreaming of strange and creative ways for your money after you die, best to consult a lawyer before penning those grand plans.

Myth #4: I have one copy of my will. I can just keep it in a sock drawer or a safety deposit box

Don’t do it, Levy says.

In New York, if the client has possession of the original will and loses it, the probate court will assume it’s been revoked and will consider your estate without a will.

That’s why Levy strongly recommends leaving the original with your estate attorney and keeping a copy for your own records.

“But if you have a safe place where you know it’s not going to get lost and you know it’s not going to be turned into a paper airplane by a child or used as a ‘wee-wee’ pad by a dog that’s fine,” he says.

Connecticut estate planning firm Cipparone & Zaccaro based in New London, Connecticut, also suggests leaving it with your attorney. Other sensible options, they say, are in a fireproof safe either at your house or with the executor.

Levy did issue one caveat about safety deposit boxes — don’t lose the key. If you lose the key and then die, the bank is going to require proof that your executor has permission to access your safety deposit box … permission still located inside the safety deposit box.

Just let your lawyer keep it, Levy says.

Myth #5: I don’t need a lawyer to write a will!

No, technically you don’t. A quick online search of “online will documents” turns up dozens of do-it-yourself offerings.

But be careful what forms you use. And since state estate laws vary wildly, a one-size fits all type of legal document may not hold up in court.

“If serious legal mistakes are made, you’ll never know because they will not become apparent until you die,” Combs writes. “And the people left to deal with the mistakes are the people you’re probably creating your will to protect.”

The post Will Myths! Can I Leave Everything to My Cat? appeared first on Stash Learn.

So strap in for tales of love and money gone horribly wrong… if you dare!

The Bad Tenant

Steve Robb was 23-year-old marine corporal with a wife and 2-year-old son who had just returned home from a 6-month deployment when the couple decided to buy a mobile home of their own.

“It was a very nice mobile home,” he said. “My guy told me not to, but she earnestly wanted it. She eventually wore me down and I gave in and made the purchase. It was moved to a rural trailer park close to work, and life for awhile was bliss.”

The young family lived in the mobile home in Jacksonville, North Carolina for about a year before Robb was promoted to sergeant and received orders for a three-year tour as a Marine recruiter. He opted for a recruiting station in Oklahoma and they decided to rent out the trailer during his tour.

“We rented it to some acquaintances, without the aid of a realtor or management agency. All worked well for about a 18 months then the rent checks started coming irregularly. Eventually they stopped coming all together. The tenants didn’t move out, they just stopped paying rent,” he said.

Robb said he continually tried to call the tenants but they eventually quit answering his calls.

“I did not want to lose my house with only 12 months to go until I returned,” he said. “So we tightened the belt and scraped by so I could make the house payment, in addition to our current rent.”

With no money left over for a lawyer to evict the tenants, Robb couldn’t keep up with both payments and the house was repossessed by the bank.

“I finished my tour of recruiting and we returned to Jacksonville. During the next year the bank continued with their collection efforts until we finally reached an agreement whereby the bank would settle for lesser amount,” he said.

“We paid the agreed upon amount, my credit was somewhat saved, but my wife and I separated shortly thereafter. “

In the end, Robb — now 49 and back living in Oklahoma — said he wished he would have listened to his gut and not bought the house despite his first wife’s pleas.

“In my situation I had the facts, pros, cons, and pitfalls. I knew what I was getting into and walked into with my eyes wide open,” he said.” I just didn’t listen to my instincts and instead followed my heart. Trust your instincts!”

Wretched refinancing

Hilary Gerber, 44, thought she and her then-husband were making the right choice when they agreed to let her mother invest in a home for them in Sunrise, Florida.

“She put down a substantial down payment, and considered to be a retirement investment that could be returned to her when we sold the house eventually,” Gerber said. “This was right before the real estate bubble burst, and real estate seemed like a great investment.”

But when Gerber became pregnant, her husband began itching to buy a minivan for their expanding family.

“He was feeling quite paternal,” she explained. “So, we borrowed against the new house and refinanced the loan immediately, at the advice of our quite unscrupulous mortgage brokers, because it literally shot up $70,000 in value just in the month or so it took to close.”

“We refinanced and bought him his brand new minivan that we could not afford,” she said. “Of course, the real estate market crashed immediately after, and the house was worth half of what we paid for it.”

A few years later, her marriage ended and she had to unload the home in a short sale.

“My mom got the minivan as a consolation prize, but it was much less than her down payment,” Gerber said.

The dog from heck!

Jennifer McDermott’s cautionary tale came with four legs and a tail. She and her boyfriend had been together for two years when they decided to get a dog together.

“I was unprepared for the financial impact of dog ownership,” said McDermott, a 34-year-old communications manager living in New York City. “Our beautiful puppy was unfortunately plagued with a number of ailments from sensitive skin to a tendency to swallow everything and anything which has led to three surgeries.”

As the couple forked over thousands in vet visits, medical treatment, monthly pet insurance premiums and all the other dog necessities, such as food, boarding and toys, McDermott was relieved she had a partner to split the cost with her.

When the couple broke up five years later, they made the decision that McDermott would keep the dog.

“My ex was gracious enough to offer to continue to make contributions but I declined and took the responsibility on myself,” she said.

But the cost of solo pet ownership quickly became daunting.

“I made some changes. I shopped around for pet insurance and switched providers to one that would give me a better deal,” she said. “ I also started cooking his meals myself which was cheaper and healthier for him which in turn reduced the number of vet visits. When I had to travel, I asked friends or family to mind him and would treat them to a bottle of wine instead of paying expensive boarding fees.”

Even though it didn’t work out with her ex, McDermott is thrilled to have her dog’s companionship.

“The return on investment I get from him is priceless,” she said.

A chance for a happy ending?

The key to a solid financial footing in a relationship is to carefully consider all the options and all the possibilities before plunging into a commitment that could cost you down the road.

Honest conversation now could protect your relationship, your wallet, and your credit score in the future.

The post Love and Money Nightmares: It Happened to Them appeared first on Stash Learn.