How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Attorney
Category: Estate Law
Satisfied Customers: 55325
Experience:  29 years of experience practicing law, including tax and estate planning.
Type Your Estate Law Question Here...
Richard is online now
A new question is answered every 9 seconds

I have two children one is incompetent. I own a condo worth

Customer Question

I have two children one is incompetent. I own a condo worth around 75,000 and I have a life policy of 100,000. What must I do to protect the little inheritance they are entitled to?Should I make my son (the competent one) the executor with the provision of dividing the assets fairly when I die?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Hi there. My name is ***** ***** I look forward to helping you.

First, let me tell you how sorry I am regarding your situation with your daughter. I know this must be a difficult situation for you and I will definitely keep you in my prayers.

With respect to your specific question, I would set up a special needs trust for your daughter with your son as the successor trustee, should he desire to act in such capacity upon your death. You don't need to fund it with anything but a nominal amount now. Then, in your will leave your assets 50% to your son and 50% to this trust. With regard to your life insurance policy, name your son as 50% beneficiary and the trust f/b/o your daughter as 50% beneficiary. The trust agreement will provide that upon your daughters death, any remaining assets shall then be distributed to your son. This is a pretty standard trust and you should be able to get it drafted for you for $1000 or less.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!

Related Estate Law Questions