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[quote=Anonymous]Our situation is the same OP and we are setting up a revocable trust while our kids our minors. This way my sister (who would take the kids if we both die) is the trustee and will handle all the money while my kids are young. Then it will be paid out to my kids at her discretion as they hit certain ages. However, if she needs the money (say to buy a bigger house because now she has 4 kids not 2 kids) she can use it. This works because we trust her. The main goal is to provide for our kids, have someone designated to control the money while the kids are minors, and to be able to access the money to care for our kids. Otherwise you have to deal with probate. Look into how long that can last and ask ANYONE who has had to deal with the death of a parent (even as an adult) how they feel about the probate process. Now an irrevocable trust is set up for people with huge amounts of generational wealth. That is not what we're talking about.[/quote]
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