Creating a Will / Trust

ChatGPT:

When preparing to meet with an attorney to draft a will, especially with a young family, consider the following key questions and considerations:

1. **Guardianship for Children**:
- Who will be the guardian(s) for your minor children if both parents pass away?
- Have you discussed this with the potential guardian(s) and obtained their consent?

2. **Executor of the Will**:
- Who will be the executor of your will, responsible for managing and distributing your estate?
- Is this person capable of handling the responsibilities?

3. **Distribution of Assets**:
- How do you want your assets to be distributed among your spouse, children, and any other beneficiaries?
- Do you have any specific bequests for personal items or family heirlooms?

4. **Trusts for Children**:
- Should you set up a trust for your children to manage their inheritance until they reach a certain age or milestone?
- Who will be the trustee responsible for managing the trust?

5. **Financial Support for Spouse and Children**:
- How will you ensure that your spouse and children are financially supported in the event of your death?
- Do you have life insurance policies in place, and are the beneficiaries correctly designated?

6. **Healthcare Directives and Powers of Attorney**:
- Have you considered creating a living will or healthcare directive to outline your medical preferences?
- Do you have a durable power of attorney for financial and medical decisions if you become incapacitated?

7. **Digital Assets**:
- How do you want your digital assets (e.g., social media accounts, online banking) to be handled?
- Do you have a plan for providing access to these accounts to your executor or designated person?

8. **Special Circumstances**:
- Are there any special circumstances or family dynamics that need to be addressed (e.g., special needs child, blended family)?

9. **Review and Update**:
- How often should you review and update your will to reflect changes in your family situation or financial circumstances?

10. **Legal and Tax Implications**:
- What are the legal and tax implications of your estate plan, and how can you minimize taxes and probate costs for your beneficiaries?

Discussing these points with your attorney will help ensure that your will is comprehensive and reflects your wishes accurately.

Consider who will care for the kids in the event you both go.

In the event my wife and I go at the same time, our kids go to our parents. Since they will have enough to deal with the kids, we named some good, trusted friends to handle the finances side of things. This takes some of the burden off of the grandparents. Our friends would ensure they have all they need to care for the kids until the kids are of age.

Don’t try to control everything from the grave.

Pick your trustees wisely and trust them to do the right thing.

Pick contingency trustees.

Several good answers. You didn't give specifics but assuming all your children are with same woman. There are some extra considerations if not.

Also, we moved our assets into a Trust when we did our will. This is separate from the comment about putting children's inheritance into a trust.

Health and financial power of attorney should be part of your documentation from your lawyer.

You should decide where original docs will be kept and make sure executor(s) know location. Ours is in safe deposit box.

quote:

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In the event my wife and I go at the same time, our kids go to our parents. Since they will have enough to deal with the kids, we named some good, trusted friends to handle the finances side of things.

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This is a good rule of thumb anyway. You want to make sure your kids are taken care of, and while you would typically trust the person that you have entrusted your kids with, money changes people and can cause some people to make decisions that may actually not be in your kids' best interests so they can "be reimbursed".