QUESTION
I would like to leave a trust for my three grandchildren.
Asked on Nov 26th, 2017 on Estate Planning - Oklahoma
More details to this question:
My issue is that my daughter is married to a controlling and financially irresponsible man. If I make my daughter the sole beneficiary of my personal assets,life insurance , and any remaining 401k monies it will be under his discretion on how it's spent. Her husbands previous financial actions assures me that he and my daughter will be penniless again by the time my grandchildren (oldest 10 yrs. currently) reach age 18 when I assume they could be in control of their own assets or inheritance as it may be. What is my best option that some monies will be available to them when they reach legal aid. I am a divorced only child with no relative or friend I could leave in charge of a will or trust. What are my options?
1 ANSWER
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You can leave what you have in further trust for your daughter or her children, but this depends on the amount of your assets at the time of your death. If the amount you will leave is $500,000 or more you can name a corporate fiduciary (ie a bank with trust powers).
However if the amount is less than this and you are unable to appoint persons willing to trustee, you could leave it to your grandchildren. Your daughter or her husband would have to seek guardianship and report to the court on accountings of the funds but the funds are turned over to the children when they reach 18.
You need a lawyer to help you process your options. Good luck to you.
Answered on Nov 30th, 2017 at 10:26 PM