will for kids

[Sunrisers_Bhuvi]

Anyone here have written will for kids? If yes, How to do it?

Any leads are appreciated. will I mean kids responsibility in case of situations.

Thanks.

[puski]

I would strongly suggest doing a Trust instead of a will. I created a family Trust about 2 years ago. It is easy process. 

Before going to a attorney you need to ask yourself, below questions

1) Incase if something happens to you or your wife who do you trust to be a guardian of Kids. I kept two guardians and gave them equal responsibility. ( It will be better if atleast one of them is in USA)

2) How long you want to protect your money from handing it over to kids? ( I kept a clause saying that until my kid reaches 30 years old, they will not be handed over the money or completely sell it). It will be under the supervision of the guardians.

3)Also you need to decide if incase you are in hospital and not in a position to make any kind of decisions about yourself or your assets. Who do you trust to handle those decisions.

[Sunrisers_Bhuvi]

27 minutes ago, puski said:

I would strongly suggest doing a Trust instead of a will. I created a family Trust about 2 years ago. It is easy process. 

Before going to a attorney you need to ask yourself, below questions

1) Incase if something happens to you or your wife who do you trust to be a guardian of Kids. I kept two guardians and gave them equal responsibility. ( It will be better if atleast one of them is in USA)

2) How long you want to protect your money from handing it over to kids? ( I kept a clause saying that until my kid reaches 30 years old, they will not be handed over the money or completely sell it). It will be under the supervision of the guardians.

3)Also you need to decide if incase you are in hospital and not in a position to make any kind of decisions about yourself or your assets. Who do you trust to handle those decisions.

Thanks Bro

[hunkyfunky2]

30 minutes ago, puski said:

I would strongly suggest doing a Trust instead of a will. I created a family Trust about 2 years ago. It is easy process. 

Before going to a attorney you need to ask yourself, below questions

1) Incase if something happens to you or your wife who do you trust to be a guardian of Kids. I kept two guardians and gave them equal responsibility. ( It will be better if atleast one of them is in USA)

2) How long you want to protect your money from handing it over to kids? ( I kept a clause saying that until my kid reaches 30 years old, they will not be handed over the money or completely sell it). It will be under the supervision of the guardians.

3)Also you need to decide if incase you are in hospital and not in a position to make any kind of decisions about yourself or your assets. Who do you trust to handle those decisions.

there is this thing called - write a will that says a trust is formed later. 
If you form a trust and transfer assets, its a pain in the but for any change - like insurance / sell / buy etc. 

By writing a will which simply says "all assets will be handed over to trust when needed" , you will keep it clean and easy for now

[puski]

In case of a Will, people have to through a  hassle of a courts and lot of legal process to release your frozen assets. we have to think through who is going to do all that work? many of us living in US are 1st generation of immigrants in our family. So having a Living Trust will be easier for guardian to takeover the responsibility without legal hurdles.

[LungiLingaraju]

1 hour ago, puski said:

I would strongly suggest doing a Trust instead of a will. I created a family Trust about 2 years ago. It is easy process. 

Before going to a attorney you need to ask yourself, below questions

1) Incase if something happens to you or your wife who do you trust to be a guardian of Kids. I kept two guardians and gave them equal responsibility. ( It will be better if atleast one of them is in USA)

2) How long you want to protect your money from handing it over to kids? ( I kept a clause saying that until my kid reaches 30 years old, they will not be handed over the money or completely sell it). It will be under the supervision of the guardians.

3)Also you need to decide if incase you are in hospital and not in a position to make any kind of decisions about yourself or your assets. Who do you trust to handle those decisions.

Trust is better than a will ? I thought Will is just saying everything is for my kids and wife and these two are guardians. Trust, I’m not sure