With the goal of getting our act together and finally putting a Will/Living Trust together, I recently read "The Living Trust Advisor: Everything You (and Your Financial Planner) Need to Know about Your Living Trust".
Some considerations:
* One young child in elementary school with no plans for more
* My older sibling and their spouse (who live halfway across the country) would take care of our child should we pass while a minor.
* Most of our wealth is in IRA/401k/403b
* Only real estate is our home with a small mortgage
The primary goals are:
1. Make the process quick and easy if we both pass while our child is a minor.
2. Make sure guardrails are in place until our child is mature enough to handle receiving an inheritance.
Questions:
A) What else should I know or read prior to finding an attorney to get started?
B) "The Living Trust Advisor" suggests talking to your children about plans for inheritance, etc. I think our child may be too young to talk about specifics, but it probably makes sense to talk generally. Any thoughts in this regard?
C) Since most of our assets are in retirement accounts, are there any guardrails until our child reaches a certain age? It sounds like these would be converted to custodial accounts and full control would be handed over to our child at state-specific age.
Some considerations:
* One young child in elementary school with no plans for more
* My older sibling and their spouse (who live halfway across the country) would take care of our child should we pass while a minor.
* Most of our wealth is in IRA/401k/403b
* Only real estate is our home with a small mortgage
The primary goals are:
1. Make the process quick and easy if we both pass while our child is a minor.
2. Make sure guardrails are in place until our child is mature enough to handle receiving an inheritance.
Questions:
A) What else should I know or read prior to finding an attorney to get started?
B) "The Living Trust Advisor" suggests talking to your children about plans for inheritance, etc. I think our child may be too young to talk about specifics, but it probably makes sense to talk generally. Any thoughts in this regard?
C) Since most of our assets are in retirement accounts, are there any guardrails until our child reaches a certain age? It sounds like these would be converted to custodial accounts and full control would be handed over to our child at state-specific age.
Statistics: Posted by bh09863 — Wed Sep 04, 2024 11:34 am — Replies 0 — Views 43