Will question

[2forISU]

If nothing else, just get a simple will created at legalzoom. That's what we have.

If you don't have any assets, children, or married this might be sufficient. Otherwise, I highly recommend talking to a lawyer. There is a lot to think about and discuss that LZ doesn't provide.

 

[Clonefan32]

Hate to be a Debbie Downer but if somebody has money coming at a later date and they want to get it sooner all they have to do is use JG Wentworth or a similar company. I'd not waste a lot of sleep and effort trying to devise a scheme to make sure it is used wisely.

You are thinking of a structured settlement. A trust is much different and if properly worded the assets will not be payable to the beneficiary until such time as the trust mandates it.

 

[CyCrib]

I've embarrassed to say that I've never had a will. With that said, we've decided that it's time and will probably schedule something with a lawyer in the next couple of weeks. We don't have any kids. We do have a 4 year old niece that we'd like to leave 90% of our assets to but we want to make sure that her mother doesn't see a cent. How would you structure something like this? Give her a certain amount at different stages of her life? I know that I didn't have a clue about money at 18 or 25 and would have just blown the money.

It sounds like a trust is the way to go. You need to think about trustees since you won't want the mother being one. Trust departments can be one of the trustees.

Like others have stated you can set it up to be available to her at different stages of life. If she blows the early portion it may be a great life lesson.

 

[CycloneVet]

Our Will is Marcel Spears junior and yes he is a stud, providing some big time interceptions during his career at ISU. I hope that answers your questions

 

[CyclonePigskin]

How important to you is it that your niece’s mother not benefit whatsoever from your estate? If there’s a lot of money involved (whatever that might mean in your extended family situation), young as the daughter is, her mother could probably endear herself such that your niece will try to enable her, regardless of the stipulations from “the dead hand of the past.” Just saying.

 

[Macloney]

Just an FYI and not sure if you and the niece are in Iowa but Iowa does have an Inheritence Tax that affects non-lineal decendent heirs. Depending on how much the asset value is it can be a good amount of tax. A couple years ago I did one of these tax returns for a lady who inherited approx. $1.5 million of farm land from her uncles and her tax bill wasn't pretty.

There are a couple things you could do to avoid this though. In fact my client above was in the process for one of these things when the uncle died.



On a side note, you could gift her money why you are still alive. My wife's parents are doing that with us and her brother because they'd rather get to see us use it while they are still alive.

The easiest way around this is just to put the heir's name on the account or deed. The "secret" that lawyers don't want you to know.