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What Have You Done About Your Will or Trust?
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<blockquote data-quote="Tanya M" data-source="post: 717288" data-attributes="member: 18516"><p>My husband and I did our wills a couple of years ago. It was not an easy decision but here's what we did.</p><p></p><p>We own two homes and they were both put in a trust for our grandchildren. All of our investments are also in the trust for our grandchildren. Our son will get nothing.</p><p></p><p>Our lawyer advised us that we needed to be very specific with our wording in the will. Here's how it reads: Difficult Child (name) will receive nothing from his parents estate for reasons known only to them. This will cannot be contested by (name).</p><p></p><p>Why we did this? A few reasons. I do not trust my son with money and I know he would just blow through it. My son abandoned his children, my grand children. He has never paid any kind of child support. Husband and I feel this is the least we can do to help them later on in life. </p><p></p><p>I have maintained a very good relationship with the mother of my grand children. She has agreed to be the executor of our estate. I know she will do what is best for the kids and I trust her completely. Also, they are to receive their payouts when each one turns 35. Of course they will be older if I live into my eighty's which I hope I do.</p><p></p><p>I struggled for a while wondering if I should tell my son. I have chosen not to. I do not see the point of it. I don't want the prospect of money to be a factor in whether he will get his act together or the opposite that he will completely rebel against us more than he already has. </p><p>I do plan on leaving him a letter explaining why. (really something I need to do now as we never know when our number will be up)</p><p></p><p>In discussing all of this with our attorney I asked if she had other clients like us. She said it is very common for parents to not leave anything to their children. She shared a few stories with us. People have all kinds of different reasons for not leaving their children an inheritance. </p><p>Our trust is a revocable one meaning that we can change it anytime we want. If my son were to somehow get his life together and start living responsibly I would consider leaving him something but the majority will go to my grand children.</p></blockquote><p></p>
[QUOTE="Tanya M, post: 717288, member: 18516"] My husband and I did our wills a couple of years ago. It was not an easy decision but here's what we did. We own two homes and they were both put in a trust for our grandchildren. All of our investments are also in the trust for our grandchildren. Our son will get nothing. Our lawyer advised us that we needed to be very specific with our wording in the will. Here's how it reads: Difficult Child (name) will receive nothing from his parents estate for reasons known only to them. This will cannot be contested by (name). Why we did this? A few reasons. I do not trust my son with money and I know he would just blow through it. My son abandoned his children, my grand children. He has never paid any kind of child support. Husband and I feel this is the least we can do to help them later on in life. I have maintained a very good relationship with the mother of my grand children. She has agreed to be the executor of our estate. I know she will do what is best for the kids and I trust her completely. Also, they are to receive their payouts when each one turns 35. Of course they will be older if I live into my eighty's which I hope I do. I struggled for a while wondering if I should tell my son. I have chosen not to. I do not see the point of it. I don't want the prospect of money to be a factor in whether he will get his act together or the opposite that he will completely rebel against us more than he already has. I do plan on leaving him a letter explaining why. (really something I need to do now as we never know when our number will be up) In discussing all of this with our attorney I asked if she had other clients like us. She said it is very common for parents to not leave anything to their children. She shared a few stories with us. People have all kinds of different reasons for not leaving their children an inheritance. Our trust is a revocable one meaning that we can change it anytime we want. If my son were to somehow get his life together and start living responsibly I would consider leaving him something but the majority will go to my grand children. [/QUOTE]
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