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RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 36984
Experience:  Texas lawyer for 30 years in Estate law
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After I pass on, I want my3 grandchildren to receive a portion

Customer Question

After I pass on, I want my3 grandchildren to receive a portion of the monies appropriated from the sale of my home!! They are young now...ages 11 and twins, 7.....what can I set up, so that when they reach legal age, they can get their money??
Submitted: 1 year ago.
Category: Estate Law
Customer: replied 1 year ago.
I do not want the monies to be set up with their parents as beneficiaries.......they will use it!!!!!
Expert:  RayAnswers replied 1 year ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today.
The easiest thing to do here is a will leaving the money to them in trust.The executor here sells the property and holds the funds until age 18.This allows them to have the funds when they are old enough.
You can just word this as a will with a trust.
Here are will forms you may have to modify a bit to your situation or have local lawyer draft it for you .
http://www.uslegalforms.com/ny/NY-WIL-0001.htm
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You would name the trustee for the will, they would hold funds for child this can be the executor as well.This protects the funds until they are age.The trustee would set up accounts in their name in trust and hold funds until age 18 from the proceeds.You may want another relative or friend to act here as the trustee to hold onto the funds for their future.
I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.