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Infolawyer, Attorney
Category: Estate Law
Satisfied Customers: 56549
Experience:  Licensed attorney helping individuals and businesses.
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I'm 43 years old, divorced and with three (3) children who

Customer Question

I'm 43 years old, divorced and with three (3) children who do not reside with me. I want to set something up (e.g., living will or trust) to make disposition to my children of my 401K and life insurance proceeds when I die. The catch is that I do not want my children to have access to the funds until they are much older (40+) and I do not want my ex-wife being named as some sort of guardian or trustee of the funds on behalf of the children. I am leaning toward a trust (I think) but unless I were to die there would be nothing in the trust. Rather the trust would be funded upon death because I would name the trust as the beneficiary of my 401K and life insurance. I don't know if that matters. Thanks
Submitted: 1 year ago.
Category: Estate Law
Expert:  Infolawyer replied 1 year ago.


Expert:  Infolawyer replied 1 year ago.

A trust would work. You can place condition for payment from trust such as age. You can make it irrevocable which better protects it from creditors but cannot be changed, or revocable allowing you to make changes.

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