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S/O Wills

Starr_MomStarr_Mom
in Parenting
I encourage everyone I know to get a trust set up instead of doing just a will. Wills have to go to probate before becoming effective, and any Joe Schmoe off the street can come to court and contest your will. That drags the process out longer. A trust can specify successor trustees (your kids, your parents, etc.) and what assets go where, to whom, etc. Trusts are not up for debate and usually the wills that people have in conjunction with trusts are just to cover anything you may have left out of the trust. I don't know a whole lot about them, but my job has taught me at least that much. I would definitely ask your lawyer to help with a trust.
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Re: S/O Wills

  • elm1032004elm1032004
    I agree, when we did our will our lawyer setup a trust, gaurdianship for our kids, we specified a primary and secondary gaurdian, someone in charge of finances (a trustee I think it's called) and he also setup power of attorney, health care proxy (with an alternate designated), living will wishes etc.  It really covered everything.  He also suggested that the kids are not handed a lump sum of money at 21 years old, that they are at least 25 or completed their college degree.
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  • littlemermaidlittlemermaid member
    Totally agree.  We set up trusts that include the guardianship, distribution of assets..etc.  Then the wills are pretty much "pour over" wills which means anything that is not in the trust name will automatically become part of the trust. 
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  • BellisimoBellisimo
    Agreed.  That's precisely why we had trusts set up for our kids and specifically stated that funds be disbursed over a period of ten years.  No lump sums for my kiddos! 
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  • Baby4OTBaby4OT member

    imageelm1032004:
    I agree, when we did our will our lawyer setup a trust, gaurdianship for our kids, we specified a primary and secondary gaurdian, someone in charge of finances (a trustee I think it's called) and he also setup power of attorney, health care proxy (with an alternate designated), living will wishes etc.  It really covered everything.  He also suggested that the kids are not handed a lump sum of money at 21 years old, that they are at least 25 or completed their college degree.

    Ditto all of this.

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