More details to this question:
My wife and I have done well with investing. My daughter and her husband (and 3 kids) under age 8 have had financial challenges. Due to my daughters illness, she is expected to live another 8-10 years. The husband can't manage a checkbook much less what i plan to leave. I want to have a hand in who manages the inheritance if the wife and I depart along with my daughter. Wife and I are 67 and 71 respectively. I wan t to help the son in law but want it to go to my grandkids.. Whom is the best choice to administer funds?... lawyer, banker, financial person or friend. All my friends are my age....
2 ANSWERS
Probate Litigation Attorney serving Lawrenceville, GA
at
Robert W. Hughes & Associates, P.C.
Update Your Profile
Your situation is more complicated than simply suggesting to you who would make the best person to watch over your grandchildren inheritance. There are several ways to skin the cat in your fact pattern. Some type of trust is most likely the right answer. You should speak with an attorney specializing in estate planning. Otherwise, the best laid plans of mice and men . . .
Answered on Nov 27th, 2020 at 8:23 AM
2 Awards
You can incorporate a trust for your grandchildren in your Will.
You can state who will be the trustee or co-trustees.
You can appoint people as a trust protector or to a trust advisory committee.
You can write a letter to the trustee or co-trustees expressing your intent that the trustee or co-trustees consult with certain professionals or even continue to have the funds managed by a certain professional.
Your estate planning attorney can help you do this right.
Answered on Nov 27th, 2020 at 5:16 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.