I think the bolded has to do with if the surviving spouse remarries and/or has more children. For instance, if I passed away and all of my $$$ went to my husband, then he married some crazy harpy who hated my kid(s), was a spendthrift, etc. and my spouse passed away, my kids could essentially be left with nothing if my husband didn't change his will, or have $$ set aside for the kids so that the new spouse couldn't access it.
This.
I can't count how many times this scenario has come up for me. I know @sfgal530 mentions a trust division where community property gets divided into two shares, and as to 1 share the surviving spouse can't change the beneficiaries, but they can definitely spend it down.
I earn money for me, my H and our son. I really think it's only fair that some of what I've accumulated or some of the LI from my early death go to my kid to provide him with some financial security, no matter what my H ends up doing financially.
Interesting. So each of our kids has a UTMA - is there any protection there?
Almost everything to surviving spouse is how we are doing it. The only thing we've done for the kids, is that dh' s life insurance is set up so that 10% goes to my SS and that will be his only inheritance from us - that's 50k, and we aren't rich so I think it's a good amount for him without hurting the other 3 kids or me. He's also 20 and half way through college now while the others are 7, 4, and 1 and will need taking care of for much longer.
I think the bolded has to do with if the surviving spouse remarries and/or has more children. For instance, if I passed away and all of my $$$ went to my husband, then he married some crazy harpy who hated my kid(s), was a spendthrift, etc. and my spouse passed away, my kids could essentially be left with nothing if my husband didn't change his will, or have $$ set aside for the kids so that the new spouse couldn't access it.
This.
I can't count how many times this scenario has come up for me. I know @sfgal530 mentions a trust division where community property gets divided into two shares, and as to 1 share the surviving spouse can't change the beneficiaries, but they can definitely spend it down.
I earn money for me, my H and our son. I really think it's only fair that some of what I've accumulated or some of the LI from my early death go to my kid to provide him with some financial security, no matter what my H ends up doing financially.
I just don't think this is for everyone. If there's enough $$$ to where the surviving spouse would be ok, I see nothing wrong with leaving/protecting some $$$ for the kids. So I guess leaving money to kids is only for those with money. How rich should you be? I don't know.
Post by sillygoosegirl on Jul 24, 2014 9:00:27 GMT -5
Everything goes to the surviving spouse. If one of us had kids from a previous relationship, then I'm sure we'd be sure some money was set aside for that child or those children, but we don't.
People who are leaving interests to your children: do you have a lot of individually held assets? Or are you just naming the trust as beneficiary on things like life insurance and retirement accounts?