Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Will and minor child
Old 02-15-2012, 01:47 PM   #1
Thinks s/he gets paid by the post
Bimmerbill's Avatar
 
Join Date: Jan 2006
Posts: 1,631
Will and minor child

I am wondering how anyone else set up their will when they have minor children and an ex-spouse.

If I leave all my beneficiaries as they are, ex-wife gets my estate if I die. I am not entirely OK with doing this despite the fact that ex-wife will also get the kid.

I am considering setting up a trust for the kid tho. I am not sure ex-wife could handle the $ and provide for the kid.

I could set up a special needs trust, but unsure if that would meet all of my needs.

Are there other options I am missing? I am court ordered to leave my life insurance to ex-wife, but that leaves my pensions, 401K, work benefits, social security, etc.
__________________

__________________
Bimmerbill is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-15-2012, 02:03 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
I would imagine that your question would best be discussed with an estate attorney, but it isn't obvious to me why you could not set up a springing trust for the kids and choose someone other than your ex to be trustee.
__________________

__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 02-15-2012, 02:34 PM   #3
Thinks s/he gets paid by the post
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 2,401
I am in the same situation as you, Bimmerbill.

In my case, my will has my estate going into a testamentary trust (i.e., created by my will) for my three kids. My sister is the trustee, and has latitude to pay for whatever expenses she approves of from the trust while they are minors. The kids get 1/3 of their portion of the trust at age 30, 35, and 40.

It's not complicated; all the stuff for the trust is directly in my will. My attorney treated it as all very run-of-the-mill stuff.

FYI, in my state, there is a specific state law that says if you're divorced, your ex is treated as pre-deceasing you for the purposes of interpreting your will. I dunno if your state has a similar provision.

2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
54 ry old looking to ER and wondering about annuities joecaf53 Hi, I am... 68 03-01-2014 06:12 PM
The genesis of "The Military Guide to Financial Independence and Retirement" Nords Life after FIRE 5 03-29-2012 03:07 PM
27 and dreaming of retirement in 5 years. Am I crazy? ponchoape Hi, I am... 19 02-16-2012 03:47 PM
How to select a non-human executor for our will toofrugalformycat Other topics 24 02-15-2012 05:21 PM

 

 
All times are GMT -6. The time now is 07:33 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.