redtodd 7 Posted August 11, 2007 Well, the wife and I need to set up a will for the little guys. It should be pretty obvious that the little guy will inheret the whole redtodd empire, but I wasn't sure how to dispurse it. I'm not a big fan of giving the kid all the money at age 18. What 18 year old can intelligent handle money? I was curious what some of you did with your wills and kids. We plan on putting in the will which of my wife's siblings will take care of him and designate her brother as the guy in charge of the money (he is smart with money and pretty conservative). Share this post Link to post Share on other sites
edjr 6,580 Posted August 11, 2007 Well, the wife and I need to set up a will for the little guys. It should be pretty obvious that the little guy will inheret the whole redtodd empire, but I wasn't sure how to dispurse it. I'm not a big fan of giving the kid all the money at age 18. What 18 year old can intelligent handle money? I was curious what some of you did with your wills and kids. We plan on putting in the will which of my wife's siblings will take care of him and designate her brother as the guy in charge of the money (he is smart with money and pretty conservative). Wouldn't want him to get all $400 before he's repsonsible enough to handle it. Share this post Link to post Share on other sites
IndyTom 0 Posted August 11, 2007 I think that's a great idea. We need to do that as well - including the other stuff (living will, durable power of attorney, etc.). Our kids are young as well - so I have not a clue when they should get it. I have heard that many put the money into a trust (managed by your sibling, etc.) to ensure things like college and living expenses are handled properly. After they graduate or perhaps when they turn a certain age (21 or 25) etc. then the trust will be handed over to the children. Here is a good article on the subject: http://www.kiplinger.com/features/archives...teplanning.html Share this post Link to post Share on other sites
redtodd 7 Posted August 11, 2007 Wouldn't want him to get all $400 before he's repsonsible enough to handle it. Still $389 more than you got. Share this post Link to post Share on other sites
edjr 6,580 Posted August 11, 2007 Still $389 more than you got. Share this post Link to post Share on other sites
frank 2,302 Posted August 12, 2007 The kids don't need a will, you need a will. What 18 year old can intelligent handle money? Word. Share this post Link to post Share on other sites
gocolts 300 Posted August 12, 2007 You better be damn sure you can trust whomever you leave "In Charge" of this, or they will just rob it blind and take most of it and the kid won't get much out of it. I don't know of I could ever trust someone to give my kid what they think he needs, not even my son's mother. Share this post Link to post Share on other sites
donhaas 18 Posted August 12, 2007 Good thing you don't have to make out a will for every time you die on stage Share this post Link to post Share on other sites
