Family Story of Wills vs. Trust
Meet my Great-Great Grandpa William Henry Richardson. He was born before the Emancipation Proclamation, but I am unclear on whether he was born free. As you can see from the image, he and his family were well dressed and he managed to accumulate approximately 34 acres and a house before his death in 1916 at the age of approximately 76. Grandpa William was around 70 when my beloved Great Grandmother Edna was born (she’s actually in the womb of Great-Great Grandma Penny in this picture).
Shortly before his death, Grandpa William signed his last will and testament (pictured here), in which he instructed that his home, personal belongings, and 34 acres be left to his wife, Grandma Penny, until my Grandma Edna (his youngest child) turned 21. He further instructed that the real estate be sold after 21 years to the highest bidder and the proceeds, after expenses, to be equally divided among his wife and children. Just imagine the options he could have pursued for creating lasting generational wealth had trusts been in more common usage during his life. In any event, I am grateful for Grandpa William’s tenacity in building wealth during an extremely difficult period in American history, and I am excited that my newest Godson carries his name.