The right way is to work with someone to learn the right way. That someone might be the attorney drafting new wills (both you and wife need them) or it might be working with a FA who is knowledgeable. It might be a parent. But you need to learn the words, options, etc. and understand them so you can intelligently work with attorney (or someone, as attorneys are not required everywhere).
If you just go to an attorney, you are going to get what he thinks is the right way. This may not (or might be) the right way. But if you can't answer his questions knowingly, it is very hard to get the right answer.
You definitely (IMO) need to leave any $ to DD in a trust. (It is going to be effectively in a trust anyway until she reaches xx years, depending on the state). You probably do not want DD to receive unfettered access the day she turns 18 (or 21) to million plus dollars. She might handle it great but the odds are against this. So don't take the risk, pass to her via trust.
Online sources are legit and certainly can hold up in court. But you are DIYing something that a) you have never done before and b) there is no way to fix when you find out how bad (or good) you did. Once you are dead and heirs find out you messed it all up, there is really no way to fix it. (There can maybe be damage control but it will be far more expensive and if you out right just screwed up, it can't be changed.)
BTW, you probably don't want DD to get all the money at 18 or 21. Some maybe, all no. A trust can help do this.
I recommend you learn as much as you can on the topic. Then seek out experienced assistance to draft the documents with your informed input.
If you just go to an attorney, you are going to get what he thinks is the right way. This may not (or might be) the right way. But if you can't answer his questions knowingly, it is very hard to get the right answer.
You definitely (IMO) need to leave any $ to DD in a trust. (It is going to be effectively in a trust anyway until she reaches xx years, depending on the state). You probably do not want DD to receive unfettered access the day she turns 18 (or 21) to million plus dollars. She might handle it great but the odds are against this. So don't take the risk, pass to her via trust.
Online sources are legit and certainly can hold up in court. But you are DIYing something that a) you have never done before and b) there is no way to fix when you find out how bad (or good) you did. Once you are dead and heirs find out you messed it all up, there is really no way to fix it. (There can maybe be damage control but it will be far more expensive and if you out right just screwed up, it can't be changed.)
BTW, you probably don't want DD to get all the money at 18 or 21. Some maybe, all no. A trust can help do this.
I recommend you learn as much as you can on the topic. Then seek out experienced assistance to draft the documents with your informed input.
Statistics: Posted by LotsaGray — Wed Aug 21, 2024 2:15 pm — Replies 4 — Views 192