We redid our wills after the youngest turned 20. One thing we considered is that if the children (both equal beneficiaries) inherited, it would have to be after an accident where DH and I died together (car accident/plane crash, etc) and that this incident would likely attract a large payout, and this would be in addition to life insurance payouts for both parents. For a middle class family, this could be a huge sum of money.
While both children are responsible with their money and hard working in their careers (now), I certainly didn't want to leave them each with a couple million dollars in their early 20s. We chose a close friend who was familiar with our child rearing philosophy as trustee and left all decisions about advancing funds to the children in his discretion. Kids got the balance of what was left over at age 30.
While both children are responsible with their money and hard working in their careers (now), I certainly didn't want to leave them each with a couple million dollars in their early 20s. We chose a close friend who was familiar with our child rearing philosophy as trustee and left all decisions about advancing funds to the children in his discretion. Kids got the balance of what was left over at age 30.
Statistics: Posted by Susan1963 — Fri Jan 31, 2025 10:04 pm — Replies 20 — Views 1900