final wishes dilemma - willing assets to a 13 year old

[brokrken]

Option 2. Get a trust done now, and name niece in everything, other than small donation to charity. The problem with that is I do not know who I'd name the executor. I don't have much family I trust, and have friends but feel awkward asking them to do that. The one close friend I have probably will not live that long, and the other friends I have we never have been close enough to discuss things like this.

You could let Vanguard or some other fiduciary be the executor.

 

[rose]

If your niece inherits all or part of your estate and then died (i.e. car accident) your sister could still end up with your money, right? Unless the niece had a will. Also if your niece would die before she reached the age to inherit some portions of your money, would the balance in your estate go to the charities? It is complicated. I have similar issues so am following your thread with interest.

 

[workburnout]

If your niece inherits all or part of your estate and then died (i.e. car accident) your sister could still end up with your money, right? Unless the niece had a will. Also if your niece would die before she reached the age to inherit some portions of your money, would the balance in your estate go to the charities? It is complicated. I have similar issues so am following your thread with interest.

My attorney said if that happened my niece's children would get the rest at that time, and if she had no kids then it would go to the charity I named as contingent beneficiary to any children if she has any at that time.

Any portions already given to my niece, if she were to die before she had a will, would go to her spouse if she had one or next in line would be her kids, then her parents split equally between them. If she were not yet 40, the portions not yet given to my niece would go to her kids if she had any, or the charity I named.

So it is still very remotely possible if my niece died after age 25, that some portion could go to my sister, but very unlikely now, and even if it did, it would not be all the money.

 

[workburnout]

You may wish to have your wishes for your funeral, dogs, etc. entrusted to someone(s) who can take action promptly as those matters (esp. funeral/burial) need to be handled quickly upon your passing...whereas a will is sometimes (often?) handled at a more leisurely pace (in spite of what you may have seen in the movies. LOL)

omni

Yes, what I did was I told my cousin and mother who I have decided to make co-executors where the original will is located in the house in a firesafe place.

In instructions attached to the will, I let them know funeral, dog, and financial instructions they would need. I also have a trusted coworker who has the key to my house, who comes over often for work projects. He would take care of the dogs, feeding and letting them out, at least temporarily. He is named as first preference I have for person to call, in the instructions for dogs, attached to the will. The will says the executor may decide who takes the dogs, and has a note that says please see instructions for guidelines.

If anything changes with the coworker in a few years, say he would not be able to take care of the dogs, I will change the instructions/guidelines which are not part of the will -those instructions can be changed without re-doing the will. I also have 2 alternatives listed (in the instructions, not in the will) to call where dogs would likely be able to go. My cousin who is executor also does a lot of rescue work and does a lot of pet-sitting as a side job. She would make sure they were ok.

That was one of my big concerns because my mother does not know any of the people I know - she would not be able to take care of the dogs for various reasons- and she's getting forgetful. She would likely be overwhelmed and let co-executor, my cousin, take over the job which would be good. My cousin mentioned that about my mother and said she's be glad to help her or take over the job - only if mom requested her to.

The burial instructions are clear also, with the dog instructions, also information on how to find my financial account information, passwords etc.

 

[workburnout]

Option 2. Get a trust done now, and name niece in everything, other than small donation to charity. The problem with that is I do not know who I'd name the executor. I don't have much family I trust, and have friends but feel awkward asking them to do that. The one close friend I have probably will not live that long, and the other friends I have we never have been close enough to discuss things like this.

You could let Vanguard or some other fiduciary be the executor.

I decided to name my mom and cousin as co-executors. I thought about naming a bank but after careful consideration and talking to my cousin to see if she'd do it, I decided she'd be a better choice.

 

[OldShooter]

You could let Vanguard or some other fiduciary be the executor.

No. Executor is a totally different thing than trustee. In the event a bank was named both as executor and trustee, the tasks would be handled by separate departments. I would be very surprised if VG, Schwab, or Fido would agree to be an estate executor for anyone. Early in this thread the OP seemed a bit uncertain on the two functions, but I think he's clear now.

If your niece inherits all or part of your estate and then died (i.e. car accident) your sister could still end up with your money, right? Unless the niece had a will. Also if your niece would die before she reached the age to inherit some portions of your money, would the balance in your estate go to the charities? It is complicated. I have similar issues so am following your thread with interest.

The OP is setting up a testamentary trust for the neice. In the trust, the grantor has total control and can specify in detail what happens if the beneficiary dies. He could give the trust assets to charity, or even put his sister in the neice's shoes as beneficiary. Really, it's not complicated with the guidance of a good trusts & estates attorney.

Probably unnecessary, but the trust could require that the niece have a will prior to receiving any disbursements.

Absent a trust, it's a mess. In addition to the risks you mention, there are others like bankruptcy, judgments, divorces, niece dying intestate with minor children, ... The list goes on and on.