We need to work on our living trust (LT)soon. I'll start by saying that I'm a control freak. For example, if I give leave you $20,000 for your college tuition, I expect you to go to college and get a degree. If not, I will come up with other stipulations like "if you don't attend college, this amount will be given to you when you are 35" or something like that. This example is not really for my daughter but for nieces and nephews.
So my first question is whether you are as detailed in writing out your will/LT. The other thought is that I'm dead, so what do I care.
We are in our early 40's, and DD is almost 11. She is sweet and loveable, probably like how Lindsey Lohan and Britney Spears were when they were young. If all goes well though, she will be more like us and less like them!
We know who we want for her guardian in case we keel over now and together. My main goal (for financial related stuff) is that she doesn't have to worry about money (like truly live paycheck to paycheck or doesn't HAVE to work part time during college) but is still motivated to work hard in her chosen field. I don't want her to think, "now that I have two houses and $2 million dollars, I'll just sit around at home, buy a new car, collect rent, play with my friends, not finish college" etc. I also don't want to set up the money in a way where she will manipulate it (oh I'll get money to buy a house, so I'll buy it and then sell it, and then I can fool around), although I don't mind that she retires earlier because of what we left her (maybe 40, but not 25!). I do realize I need to balance it with the fact that I've done my best to raise her and I need to let go.
So... do you have ideas of setting up the inheritance so that she doesn't count on it but lives her life "properly"? Right now I'm just covering the next 15 years or so. When she's 25, I'll know more about how she's turned out as an adult, and I can make modifications.