Working on my estate plan. Have an appointment with an attorney coming up late next week.
I'm seeking the most efficient and cost effective way to leave my estate to my grandchildren in the case of my demise. They are currently minors and live with their father as their mother, my daughter, is no longer with us. She left no life insurance or other provisions for them.
The plan is to disburse funds at ages 25 and 30. It seems I could set up a testamentary trust as part of my will that will take effect upon my death. I have an amicable relationship with their father, but I need to insure these funds go directly to the kids.
I could live another 30 years, so I don't see why I should pay for a trust now every year for years on end should I live into a ripe old age.
Has anyone been in a similar situation or have any advice to share? All of this way out of my knowledge matter. I will take the attorney's advice of course, but according the locals, all the attorneys around here tend to advise the most expensive route. lol.
THANKS
I'm seeking the most efficient and cost effective way to leave my estate to my grandchildren in the case of my demise. They are currently minors and live with their father as their mother, my daughter, is no longer with us. She left no life insurance or other provisions for them.
The plan is to disburse funds at ages 25 and 30. It seems I could set up a testamentary trust as part of my will that will take effect upon my death. I have an amicable relationship with their father, but I need to insure these funds go directly to the kids.
I could live another 30 years, so I don't see why I should pay for a trust now every year for years on end should I live into a ripe old age.
Has anyone been in a similar situation or have any advice to share? All of this way out of my knowledge matter. I will take the attorney's advice of course, but according the locals, all the attorneys around here tend to advise the most expensive route. lol.
THANKS