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Making Out A Will and Questions Regarding Daughter
Posted on 2/7/21 at 1:24 am
Posted on 2/7/21 at 1:24 am
What are some things to consider when making out a will when a child is involved? Daughter is one. Wife and I have about 500k each in insurance. If something were to happen to both of us what are some good considerations for our child and our will? Never really dealt with anything like this.
This post was edited on 2/7/21 at 1:25 am
6
Posted on 2/7/21 at 6:28 am to GAFF
I recommend consulting a lawyer. If your bio is accurate, you may be able to get a will done for free through a pro bono Wills for Heroes program. I did a quick google search and didn’t see any current planned events but I could have missed something and don’t know what city you are in. This might be a place to start:
https://www.glsp.org/services/
Regardless, I recommend consulting a professional.
https://www.glsp.org/services/
Regardless, I recommend consulting a professional.
This post was edited on 2/7/21 at 8:00 am
Posted on 2/7/21 at 6:52 am to GAFF
Get an attorney.
You need to identify a guardian.
A trust may need to be established.
Estate planning attorneys can help you.
We just revised our wills with the help of an estate planning attorney. He was very helpful and understood all the nuances of our situation which involved young adult children.
In general, sometimes the best trustee is a professional. Also exerting too much control from the grave can create unanticipated problems.
You need to identify a guardian.
A trust may need to be established.
Estate planning attorneys can help you.
We just revised our wills with the help of an estate planning attorney. He was very helpful and understood all the nuances of our situation which involved young adult children.
In general, sometimes the best trustee is a professional. Also exerting too much control from the grave can create unanticipated problems.
Posted on 2/7/21 at 8:06 am to GAFF
Wills are generally garbage to carry out the distribution of your estate. We attorneys make a killing off of probate in most states.
Most people will set up a subtrust for child until they reach a certain age. Or they start receiving staggered distributions at specific ages (e.g. 25% at 25, 25% at 30, 50% at 35).
Most people will set up a subtrust for child until they reach a certain age. Or they start receiving staggered distributions at specific ages (e.g. 25% at 25, 25% at 30, 50% at 35).
Posted on 2/7/21 at 9:41 am to makersmark1
quote:
Get an attorney.
You need to identify a guardian.
Posted on 2/7/21 at 9:49 am to makersmark1
You have a recommendation for an attorney?
Posted on 2/7/21 at 11:20 am to GAFF
obviously if you and/or your wife demise during early childhood of your daughter you want to protect and provide for her. I’d suggest that the manner in which you do that would change as she reaches adulthood
so, make a plan that includes that flexibility
so, make a plan that includes that flexibility
Posted on 2/7/21 at 12:06 pm to go ta hell ole miss
I’m in Georgia.
Ask local friends because the law varies from state to state.
Ask around your peer group, co-workers, Church, or community group.
Also your HR people may have some ideas.
Ask local friends because the law varies from state to state.
Ask around your peer group, co-workers, Church, or community group.
Also your HR people may have some ideas.
Posted on 2/7/21 at 12:14 pm to GAFF
I have a trust fund set up for each of my gods in the event my wife and I pass at same time. I have a financial trustee picked for each. And I have a 3 picked to be in charge of distributing the funds when needed.
Trust fund goes to 35
Trust fund goes to 35
Posted on 2/7/21 at 12:23 pm to GAFF
I don't know what the details would be in Georgia, but in Louisiana you could set up a trust and name a trustee to be in charge, or , if you don't want to get that elaborate, you could do a simple will naming a Testamentary Tutor to be in charge of the person and property of the child. Georgia probably has something similar. Talk to a Georgia lawyer.
Posted on 2/7/21 at 12:35 pm to geauxpurple
I’ll definitely be getting a lawyer. I was asking more about ideas of how to set it up. One person said 25% at 25, 25% at 30 and 50% at 35. That’s a good idea. I’d like to do something like that but not the same ages. What about a monthly stipend to the family for the child’s raising? What about weddings and such? Just general info on how people have theirs set up.
Posted on 2/7/21 at 12:44 pm to GAFF
What you are wanting is a trust.
Great questions. But based upon your intentions, this directive is not recommended in a will (not worth the cost or effort)
Great questions. But based upon your intentions, this directive is not recommended in a will (not worth the cost or effort)
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