So this is us, too. I set up a codicil to add to our wills, which set up trusts for the niece and nephews, managed by my BIL. The codicil is an easy one, and you can change it anytime you want. The key would be to leave an IRA or life insurance policy to your estate to fund it, for liquidity. That's what we've done.
Here's the meat of the codicil:
CODICIL TO LAST WILL AND TESTAMENT OF ()
I, (), of (), declare this to be my Codicil to my Last Will and Testament.
My Last Will and Testament is to be amended to add the following provisions in the event that my spouse, (), does not survive me:
I bequeath ownership of my () to ()
I bequeath the sum of () to ().
I direct my Executor to pay, as an administration expense, all expenses associated with the feeding and care, including veterinary costs, of my pets for the duration of their lives, whether or not these expenses are deductible for estate tax purposes. I direct my Executor to authorize () to reside and care for these animals at the residence located at () for the duration of 15 years. If () does not wish to reside at the residence for this entire period, I direct my Executor and () to jointly select a suitable alternate caretaker for the remaining term.
I direct my Executor to pay, as an administration expense, all expenses associated with the maintenance and upkeep of the residence at (), including repairs, property taxes, insurance, and utilities, whether or not these expenses are deductible for estate tax purposes, for this period of 15 years, at the conclusion of which time the property can be managed as the Executor sees fit. I request that () assist the Executor in maintaining the home and property and assist in managing the disposition of personal and household items that remain therein.
Except as modified by this Codicil, I republish my Last Will and Testament.
I have signed this Codicil this (DAY)day of (MONTH), (YEAR).
In our presence, (), Testator, declared this instrument to be the Codicil to her Last Will and Testament. At her request and in her presence and in the presence of each other subscribe our names as witnesses this (DAY) day of (MONTH), (YEAR).
Witness Signature Witness Signature
So this gives a vehicle to a friend, and a sum of cash to the friend I want taking care of the animals, and also authorizes him to live in our home. Pretty simple, I hope!
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way