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Old 08-12-2019, 04:12 PM   #41
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In our wills and trusts, lower-probability events are anticipated as much as possible. Almost all the money actually goes into trusts to protect against spendthrifts, judgments, divorcing spouses, etc. In the event of deaths of beneficiaries, etc. there are alternatives but the ultimate alternative is that the trust balance goes to charity.

We also do a couple of "clever" things like create a trust for grandchildren's education that, if they do not go for post-secondary education, is donated to charity. "Use it or lose it" motivation to pursue education. We have a special needs grandchild, too. His trust is carefully written so that it will not interfere with any government benefits he may receive at some point.
Controlling from the grave? There may be good reasons to do that, in your case.

In our case, everything we have goes to DS. He is 37, responsible, and soon to be engaged and married.

If there are grandkids, we will likely start 529's. But that is for the tax advantage, if they continue on to school.

We have everything set up as POD/TOD. We do have a will, but that will only handle household items and any incidentals.

To OP, Use a lawyer to set up your will. Ours is now close to 20 years old, the original lawyer is dead, and I am thinking we need to run it by some one, just to be sure it is up to date.
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Old 08-12-2019, 04:27 PM   #42
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... the original lawyer is dead ...
We've deliberately chosen a lawyer who is 30 years younger, hoping that she will be around to help with the estate when the time comes.
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Old 08-12-2019, 04:49 PM   #43
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We've deliberately chosen a lawyer who is 30 years younger, hoping that she will be around to help with the estate when the time comes.
In the case of a trust, I think it IS important to have the lawyer that drafted it involved, so I think that was a wise decision. In the case of a will, probably not as important, but we will look into it anyway.
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Old 08-12-2019, 06:33 PM   #44
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In the case of a trust, I think it IS important to have the lawyer that drafted it involved, so I think that was a wise decision.
Why do you think this? A well drafted trust is a stand alone document (either irrevocable or will become irrevocable upon Grantor's death).
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Old 08-12-2019, 06:38 PM   #45
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We also do a couple of "clever" things like create a trust for grandchildren's education that, if they do not go for post-secondary education, is donated to charity. "Use it or lose it" motivation to pursue education.
Are you sure that this is truly "clever?" Can you envision any scenario where a new college graduate might better serve themselves by beginning their career immediately instead of taking one more year off in college? Believe it or not, there are fields where a top graduate with a four year degree and a strong year of experience is more valuable, and much further ahead, than a new grad with a Master's degree. ("fortunately," my grandparents all died penniless, so I really can't relate)
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Old 08-12-2019, 06:53 PM   #46
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Why do you think this? A well drafted trust is a stand alone document (either irrevocable or will become irrevocable upon Grantor's death).
Well, since I don't have any trusts, and have no intention to get any, it is my impression that they can be more complicated and subject to interpretation. Just an opinion. Everyone has one.
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