wills and trusts

[FLA]

I was supposed to do a will when divorce was finalized in '04. I didn't. Now DD is going to be 17 in a month, DS is 18. I decided when DD is 18, I will do a will. I am leaving everything to them outright, not in a trust for a family member to monitor and dole out the money. It's expensive to set one up and they are super-responsible and have family and my 2 best lawyer friends (1 of whom will be the executor) to guide them in what to do. The bulk of my money will come from things not in a will; i.e.: retirement accts and life insurance

I own 1/4 of this house outright, my parents own 1/4 and the last half is in a trust for my brother, myself and my mom, (don't ask, lawyer screwed up, my brother and I will each get half of the trust, my mom will be gone by then I'm fairly sure). Because I got so sick, I want to put my share of this house in a trust to the kids in case I need nursing home placement young and need to get on Medicaid eventually.

My question is can I do a trust to the kids when part of my share is already tied up in a trust?

also, I am having cognitive/neuro issues, I am not sure I should still be the executor of my parents' wills. But my brother is in Boston and extremely bad with money, doing things on time or at all, he would be useless. Can I stay executor and if I cannot understand it after all, then get legal assistance?

[Like2Plan]

I was supposed to do a will when divorce was finalized in '04. I didn't. Now DD is going to be 17 in a month, DS is 18. I decided when DD is 18, I will do a will. I am leaving everything to them outright, not in a trust for a family member to monitor and dole out the money. It's expensive to set one up and they are super-responsible and have family and my 2 best lawyer friends (1 of whom will be the executor) to guide them in what to do. The bulk of my money will come from things not in a will; i.e.: retirement accts and life insurance

I think you should do your will right now. If something should happen to you before your DD turns 18, the court would decide who would oversee your DD's assets, etc. Your will can stipulate that your DD gets her share of the money at age 18, if that is what you want and then you don't have to redo the will in a year.
You don't have to set up a trust right now, you can stipulate a testamentary trust in your will IF you pass away before your DD turns 18.
Another reason to make the will sooner than later is because you might be further impaired in the future making it impossible to get a will.

It would be a good time to review your beneficiaries on all your accounts.

I own 1/4 of this house outright, my parents own 1/4 and the last half is in a trust for my brother, myself and my mom, (don't ask, lawyer screwed up, my brother and I will each get half of the trust, my mom will be gone by then I'm fairly sure). Because I got so sick, I want to put my share of this house in a trust to the kids in case I need nursing home placement young and need to get on Medicaid eventually.

My question is can I do a trust to the kids when part of my share is already tied up in a trust?

This is something you should check with a lawyer. My sense is by combining part ownership you have the worst of the 2 ways to title your house making it difficult to sell, if needed. I am assuming that your 2 children would be the beneficiaries? Would they be able to cover the overhead (taxes, utilities, lawn upkeep, etc) while they are waiting for the house to be sold? You should ask what would happen in each scenario.

also, I am having cognitive/neuro issues, I am not sure I should still be the executor of my parents' wills. But my brother is in Boston and extremely bad with money, doing things on time or at all, he would be useless. Can I stay executor and if I cannot understand it after all, then get legal assistance?

This would be a good question for a lawyer.

[FLA]

I think you should do your will right now. If something should happen to you before your DD turns 18, the court would decide who would oversee your DD's assets, etc. Your will can stipulate that your DD gets her share of the money at age 18, if that is what you want and then you don't have to redo the will in a year.
You don't have to set up a trust right now, you can stipulate a testamentary trust in your will IF you pass away before your DD turns 18.
.

I had no idea I could do this. I have spent a ton on taxes, a crown, etc., whittling down my EF. As soon as it's back up, I will go get a will. I'm also still settling child support stuff with the ex, once that's all cleared up, I should know my financial picture.

[snafu]

FLA, you need a will and advanced care directive now! This week!!! It can be a download from internet and as vague as you like 'all assets and interests equality divided...'signed, witnessed and notarized. If there are still child support issues, you can mention 'current support requirements.'

You know your DKs are level headed and you need to protect their interest whatever the source of assets.

[FLA]

FLA, you need a will and advanced care directive now! This week!!! It can be a download from internet and as vague as you like 'all assets and interests equality divided...'signed, witnessed and notarized. If there are still child support issues, you can mention 'current support requirements.'

You know your DKs are level headed and you need to protect their interest whatever the source of assets.

I've had advanced directives since my first medical field job. Everyone should have at least a proxy, they are free to complete.

I just need to get the EF better funded, the way expensive medical tests keep cropping up, I need that well funded. In a few months, I'll have enough to do the will.