Will we or won't we

iVillage Member
Registered: 08-06-2009
Will we or won't we
8
Thu, 02-24-2011 - 10:59am

Hopefully we can learn from each other's experience here too. I noticed how Pam talked about their will status. I liked how Calmama took their daughter's graduation to start an IRA. Anyone have an account with savings in your children's name? I was wondering how much influence you have verbalized or enacted for their $$ futures. Do you have any life insurance policy you have paid for your students/ will hand or to them/ continue to carry?

How many of us took the time to seek out the attorney and change status of our dependent children in our wills/trusts as they became of age 21/adults?

Planning on doing this soon?

Those with younger children, did you/ have you considered making your of age college student their sibling's guardian?

What about making them trustees or executors?

Did your parents make any kind of investment, way back when, in your futures?

Avatar for suzyk2118
iVillage Member
Registered: 07-30-1997
Thu, 02-24-2011 - 11:23am

Our ds is 18; no need to change as our wills stipulate what he gets before and after age 21. Being an only he gets it all; my SIL is on prior to him being 21 so she can put things in a trust til he's 21 if that happens. I have money in ds's name that is used toward his petty cash in college; it came from gifts he got when growing up - he gets weekly 'allowance' from that during the school year (pays for his gas and a little for fun). DS does not have specific life insurance in his name.

I'm an only; no wills (made it a little fun) so when my parents passed within 19 days of each other unexpectedly almost 3 years ago now, it was still clear cut that I got everything.

iVillage Member
Registered: 12-23-2006
Thu, 02-24-2011 - 12:49pm

MY dd got her College Trust fund signed over to her ar 22.
Before that time my mom handled the account."
Her grandparents set up the account when she was baby.
That money

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"When you stop chasing the wrong things, you give the right things a chance to catch you."

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Thu, 02-24-2011 - 1:37pm

My will was made 12 years ago, before I even had my now 10yo son.

iVillage Member
Registered: 01-05-2005
Thu, 02-24-2011 - 4:46pm

How many of us took the time to seek out the attorney and change status of our dependent children in our wills/trusts as they became of age 21/adults?

iVillage Member
Registered: 10-25-2006
Thu, 02-24-2011 - 5:30pm

Funny you should post this now....I've just been pondering all those questions, maybe becasue it's tax time.

We have no life insurance policies on our children, but if we'll be loaning large amounts to DS for pharmacy school, I'm thinking we should purchase a life insurance policy for him.

My sister is the executor named in our wills, and they stipulate that nothing be turned over to our sons until they reach age30.

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iVillage Member
Registered: 04-16-2009
Thu, 02-24-2011 - 8:02pm

<<< Anyone have an account with savings in your children's name?>>>

I did have an unregistered (after tax) investment for them. It was in addiion to the registered education plan (RRSP) we had for them.

Avatar for sabrtooth
iVillage Member
Registered: 12-03-1999
Thu, 02-24-2011 - 8:48pm

No more savings for the kids.

iVillage Member
Registered: 08-06-2009
Mon, 02-28-2011 - 11:00am

http://www.time.com/time/magazine/article/0,9171,2055196,00.html
Joel Stein has an article in the current time, I Can't Take it with Me.

He tells the story of meeting with his attorney... estate planner.
funny look at the questions an attorney will come up with us to answer!

He also asked when, in the event of our both dying really soon, Laszlo should get his inheritance. He warned that if we give it to him in his 20s, Laszlo could have a short marriage with a woman whom, I'm guessing, he would describe as a bronze digger. Allan B. Cutrow, Esq., I was starting to suspect, had had a very bad experience with a woman. He also made us think about who would run Laszlo's trust, how much Laszlo would have to do with its administration and whom we wanted to make our medical decisions when we could no longer communicate our desires. It did not help matters when I immediately suggested giving that power to my superhot future wife.