Reply to Living Trust and Will - any recs or things we should remember or include/think about?

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[quote=Anonymous][quote=Anonymous]Think about whether you want your kids getting their inheritance all at once. We just set up our wills/trusts and we have kids in their early 20s. We set up a schedule so that they will get 25% immediately, 50% at 30 and remainder at 35. This is except for 401ks where they will get about 1/10th per year (with exceptions and in consideration of tax law changes).  They are good kids but didn’t want them to deal with getting $4 million in their 20s. [/quote]

We did something similar for our kids. We also made the release of those funds contingent on graduation from SOME level of higher learning. We were not specific that it had to be a 4 year undergraduate degree, but they have to complete some post-high school education. It sounds like you may be too far along for that, but you do never know.

Other advice I would add is to make a list of how you want non-financial assets and "sentimental" items (wedding rings, jewelry, etc.) that may be of value allocated. I was the executor of my parents will and while my sibling and I thankfully did not fight about anything, he would have backed and filled a dumpster up to empty the house and I was more sentimental. If there is something specific (i.e. I would like Child X to have the Dining Room set and Child Y to have the Mahogany Buffet) you would not like to see donated, make it clear. Write it down. Talk through this list with your kids and make your wishes known so it's out there and transparent, and do it while you are of clear mind and body. This makes things infinitely easier on everyone. My parents always said, "We'll leave that to you to figure out," but just decide for your children. Grief is such a long, complicated path, just make it as easy as possible on them. [/quote]

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