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Young mother, how to protect surviving children in a Will

 
 
Reply Mon 21 Mar, 2005 07:18 am
I have been getting to the point where, in thinking of one son who has already had a heart attack, I have been wanting to have other's opinions and ideas concerning will making.
He is in his second marriage. They have no children together. He has one daughter, but I really don't think I want her to get his whole share at her age. She is married and has her own life but her mother (dominates her) would totally waste it. I will spare you the gory details there.

But I would like to give granddaughter something if I should happen to survive my son. Also I would like to give something to his new wife.

Maybe there will be nothing to fight about when the time comes, but right now she would stand to get $200,000 if son's present wife was excluded.

Anyone have an opinion on what would be a good amount to give them? I was thinking some amount, or if the estate was in sad shape, then split it between the other two kids and grandchild, equally, whichever amount was the lowest.

Does this sound like an idea? How many hard feelings would this create?
I have always believed the actual surviving children should get most of an estate, so they can spend it before their children get their hands on it. Smile

Any suggestions at all would be appreciated.
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CalamityJane
 
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Reply Mon 21 Mar, 2005 09:43 am
Hello Wanttobefair, welcome to a2k Wink

I just had a living trust set up in order to financially protect
my child in case I die and right now she's only 9 years old.

You might consider a living trust and speak to a lawyer
who's specialized in this field. Usually, if you don't have
a surviving spouse, your estate will be divided equaly
amongst your children who in turn will pass it to their
children, when the time has come.

Yet, you can divide your estate however you want to and
consider your grandchildren along with your children.
You can set up your trust in a manner that your granddaughter would receive the funds provided for her,
at a certain age only, i.e. 25 years of age. That would
ensure you that her mother is not taking advantage of.

Furthermore, you can stipulate in the trust that this
inheritance is kept separate from the community property
your son otherwise jointly owns with his current wife.

There are many ways to protect your children/grandchildren
financially without them being taken advantage of by other
family members or litigations, but I would suggest consulting a reputable lawyer for this. Good luck!
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