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[quote=Anonymous][quote=Anonymous]You didn't ask but I hope you have a will naming your sister legal guardian? [b] And she's the legal beneficiary on all your accounts?  (presumably after DH in the event you die first and DH lives).[/b]  [/quote]

I think this is an unnecessary and a really bad idea.  Of course taking legal advice from anonymous strangers on the internet might also be classified as a bad idea.

If you want, you can name your sister as custodian under the UTMA for your daughters-- then she will have control over the money but she can only spend it for your daughters' benefit (vs. you giving her the money and hoping she spends it on your daughters).

See this article for more information (and suggested wording for MD, but you could probably use the same wording for any state, as long as you specified that state).

http://www.avvo.com/legal-guides/ugc/use-the-maryland-uniform-transfers-to-minors-act-to-provide-life-insurance-proceeds-for-children

What happens if one of you dies prematurely?  Have you looked at what your budget would be if you were down to one income?  I can't say really whether you need more insurance, but if you do I'd probably prioritize that over putting a few hundred dollars into a 529.  [/quote]

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