[USER]

For those of you who have completed your estate planning.

Can you share some some special instructions you came up with so I can get some ideas.

I only have one son! (For example, if I die tomorrow, I could say give him $1000k every birthday until he is 21…)

should I tell him to keep my home so he’ll always have a place to live?!

Give me some thoughts please….what have some of you all done?

[Charlotte]

I have no desire to control from the grave what my children should or should not do with any inheritance they get from me.

[Allison]

When I was in law school, they taught us about the dangers of the “dead hand” trying to control things.

You never know what’s coming or where life will take someone.

What if your son gets a wonderful opportunity overseas but can’t sell the house?

What if he has an accident and needs specialized medical care and the house doesn’t serve his needs?

I knew someone who would be disinherited unless he remained a teacher until the time of the parent’s death.

He hated being a teacher and it showed. My will is very simple — trust until 25.

guardians free to decide whether to sell the house or whatever.

After age 25, their choices are their own.

Nobody wants feel constrained by what a parent thinks they should do — living or not

[Ron]

A million dollars every birthday? Seems a bit generous for someone under 21. Just kidding.

I think you meant $1000, not $1,000k, but what do I know.

Me, I would not give any grandchild a large sum of money until the6 get to be 30.

Get them a nice sum at aged 21, 26 with a larger sum at 30. Maybe 10%, 10%, 80%.

[Jule]

College education is taken care of but he’d need money to pay for living expenses.

Then at 25 he’d get 10%.

At 30, another 25%.

At 35 he’d get the remaining.

We didn’t want to keep dragging the disbursement past 35 and for someone else to keep controlling the trust that’s set for him.

He also has clear instructions to keep the money in the trust.

If he takes money out to make sure not to commingle.

The rest of the money will go to his future children.

[Roy]

We established a trust that will not distribute all of their inheritance at once.

I think we have it distributed in 3 installments…the last when they turn 30.

Idea here is for them to become self sufficient and not have lifestyle creep just because they got a lump sum
of $.

[Brian]

I wouldn’t tell him to keep the home. You can leave it to him, but let him decide what to do.

Maybe he’ll move.

Maybe downsize, etc…

plus there are a lot of ongoing costs and if he’s not living there, being vacant unless he is renting it can lead to other problems.

[Erin]

As someone who received a lot amount of money when I was 11 years old, I would spread it out.

I would not have had a clue how to handle all of it at age 18.

The distribution was spread out from ages 18-32 with the smallest amount at 18 & the largest amount given at 32.

The money from 18-21 was small enough to make college a bit easier but still left me with financial responsibility.

Honestly, I wish I was still getting those checks, it always gave me breathing room.

[Jennifer]

I’d set aside money to pay for college. You can name a trustee, and state they can use the trust to pay college.

Or have a 529 set up.

Leave the house, but they can sell if they want.

You know your kid…. and how he does with money.

I’d limit the amount dispersed until 21, mainly to make sure they learn to be self sufficient.

Except for tuition. Then higher amounts until age 30 or 35.

[Katrina]

If you’re not naming a corporate trustee, give a lot of thought to who you’re naming as trustee (and alternate trustee) and confirm they are willing & able to take on the work associated with maintaining a trust

(it can be more work than you think, especially if you have a complex estate situation or will be maintaining the trust over a number of years).

[Author]

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