How should we proceed if my husband and I want to set something up so that in the case that if our deaths our children would be taken care of?

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How should we proceed if my husband and I want to set something up so that in the case that if our deaths our children would be taken care of?

We do not own a home, land or any major assets. Our main concern for doing this is for our children. We recently set up life insurance, and were told that we should set up a Trust so that our young children would have access to our life insurance money if we were to both pass. We don’t even know where to begin. Do we need to set up a Will and Trust or would a Will alone cover all of what I previously expressed as our concerns?

Asked on February 22, 2015 under Estate Planning, Minnesota

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

A will can take care of all the issues, because a will can have as part of it a "testamentary trust", or a trust that only comes into existence if you pass away (i.e. if you need it); that trust can receive the life insurance and any other assets you have, and can appoint a trustee to manage the money for the benefit of young children. That said, this is too important to not get expert help on; you are advised to consult with a trusts and estates attorney, who can answer any questions, give some thought to tax consequences, and then help you draft a good will.


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