I’m getting educated on wills before going to a lawyer. I have a person named to take the child if my spouse and I were to ever die.
While it’s unlikely I feel better it’s there just in case. The total assets paid out would be about $2 million, and it would all go to the child via a trust handled by the appointed guardian.
my question is what are common trust limits? The people named are lower middle class and if we were to die I am sure adding a child would be emotionally and financially stressful. I don’t mind them using money to help them make house updates, go on family vacations, travel themselves without the kids, etc but I would probably want something left when the child becomes an adult- like 30ish?
What are common rules or limits people put on trusts for their kids Incase they both die? Or would a trust really even be needed? If anyone has gone through this what do you recommend that makes it less of a nightmare?
I trust the people named as a guardian but I also want some guides and not have them dumped with everything and have to make a bunch of choices while adjusting to a huge new disruption in their life. Making my intentions clear I think would also prevent them from feeling guilty using the money. Or is that what SS survivor benefits are for?
I plan on meeting with an attorney but wanted an idea before going in on what most people do or recommend. Like should it say money from the trust is intended for: expenses related to raising the child including family vacations, home repairs, sports classes or other activities with fees for the child and new siblings, family counseling for all household members, playground equipment, additions to the house, vehicles, education, clothing, food.. ?
I feel weird listing it but also I think they would feel guilty using the child’s money to add to the home - but I’d rather they had a better time and were comfortable if something traumatic happened like that than to live cramped because my friends didn’t expect to have that many kids and felt guilty- then the child gets a windfall of money at 25 or 30. Or would giving them total control and just writing a letter suffice? I just want to have a solid idea and list going in - also I don’t plan on dying anytime soon but with a recent local death from a car accident I’m anxious about what can happen if you don’t have a will or plan.
Submitted June 28, 2018 at 05:56AM by punkass_book_jockey8 https://ift.tt/2lGMT8h
