Wills/ POA

[Anonymous]

I was just reviewing my will.

Obviously spouse is my trustee/executor and I am his.
If we both die, his mom is the trustee.
We were told we need to have the same one. Is that true?


What age did you decide that your kids will inherit the money?
We put 25 but I think its too young.

[Anonymous]

OP here, our wills were done 10 years ago and I dont remember everything.

Continuing POA for property is my MIL.
But what happens if I am alive but unable to make decisions and my husband is dead? that means his mom makes my financial decisions??

[Anonymous]

You and your spouse are not required to have the same executor. By the way, executor and trustee are different. The executor ensures that what you say in the will happens. The trustee is in charge of the trust.

If you think 25 is too young, then change the age. Or break the assets up into pieces. For example, have the kids inherit 1/3 at 25, 1/3 at 30 and 1/3 at 35.

The attorney that my spouse and I used helped us deal with exactly the types of questions that you are asking and others also. If you would like him to help you, his name is Anthony Carducci and his phone number 240-235-5070 or 410-693-7323.

[Anonymous]

Can you dictate that money received at a younger age must be spent on tuition and education-related expenses?

[Anonymous]

Anonymous wrote:You and your spouse are not required to have the same executor. By the way, executor and trustee are different. The executor ensures that what you say in the will happens. The trustee is in charge of the trust.

If you think 25 is too young, then change the age. Or break the assets up into pieces. For example, have the kids inherit 1/3 at 25, 1/3 at 30 and 1/3 at 35.

The attorney that my spouse and I used helped us deal with exactly the types of questions that you are asking and others also. If you would like him to help you, his name is Anthony Carducci and his phone number 240-235-5070 or 410-693-7323.

+1

[Anonymous]

Anonymous wrote:Can you dictate that money received at a younger age must be spent on tuition and education-related expenses?

Yes, but in the trust, not in the will.

[Anonymous]

Anonymous wrote:Can you dictate that money received at a younger age must be spent on tuition and education-related expenses?

We set ours up so that, until the younger child turns 27, all assets are in a trust which pays out living expenses, tuition, etc. When the youngest turns 27, all remaining assets are divided equally.

[Anonymous]

Going to second what PP who recommended Anthony Carducci said.

DH and I have the same executor - my brother

My brother is also the trustee for mine and DH's friend who is in finance is in charge of his.

The trust is structured so the kids receive 25% at 21, 25% at 25, and 50% at 30. Structured to help pay for undegrad at 21, grad school or setting themselves up for the future at 25, and the rest when they are 30 and hopefully responsible and starting to settle down. My dad was the trustee for my cousin's will and that was how it was set up and it worked pretty well (his mom died when he was 15, and his dad when he was 18)