I am about to receive excelerated death benefits from my insurance company. It is going to be about $300,000. I am wanting to give each of my two children $100,000 each. Then keep the rest to live off until the inevitable happens. I am not very good at finance so I have a few questions.
What would be the best options for the money I give my kids? Are there any advantages of putting it in a trust or should they just put it in their bank accounts? They are both adults in their 30s.
I am also nervous of having that much money in my own bank account but need it some where I can access easily when needed.
Last question. If I add my kids to my bank account. When I pass will they be able to withdraw the money or will it go to probate or to pay my debt first?
Thank you for any advise you can give me I currently do not have any money to seek legal advice from a professional but any help is better than none.
Submitted September 29, 2017 at 07:07PM by tennischick7123 http://ift.tt/2hCgoJz
