You can certainly set up a testamentary trust (meaning one that goes into effect as a result of your will, after you die) for less that $5k.

Nolo Willmaker is another good resource to read before you go talk to a lawyer (it is set up to let you DIY, but in your case you should talk to a lawyer).

Try reading Wills and Trusts for Dummies. Explains everything. It will get very expensive if you have all these questions when you talk to your lawyer. Costs about 5K to set up a trust.

Most trusts are not funded until your death, so you would not need to make a provision for your nursing home expenses.

You need to talk to your financial advisor and a trusts and estates lawyer. Do you have a will? If do, I'm surprised the person who did that did not go through this with you.

What other provisions can be made? If your child turns on you- say becomes a criminal can they be revoked? What language do you use?

How often can you change them? Need both parents signatures?

Can a provision be used to tell them to pay for our nursing home?

Give them money spread out? For example, 25%_$$ when are age 25, 40% when they are age 35, rest when we are dead?

Or to use funds specifically to pay their debt / i.e. college debt then they can have the rest?

To set money aside for use or their own future child's college fund? If they don't have children by 40, they can keep it?


We are planning on setting trustfunds up for our children, what else can I ask? We are older parents so I want to get the paperwork rolling. Thank you!