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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 41620
Experience:  Texas lawyer for 30 years in Estate law
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I'm 76 years old and I live on a fixed income. My late wife

Customer Question

I'm 76 years old and I live on a fixed income. My late wife died 10 years ago and left me in charge of her retirement and savings. One of her last requests was she wanted me to set up a trust account for our only daughter so she could have an income and would not be able to throw all of the savings away at one time. My question is, how is the best way to set up this trust for our daughter and would I need someone appointed as administrator. How should I begin? Thank you in advance!
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.
Hi Les and welcome to JA. Ray here to help you tonight. I am going to suggest to you to consider an annuity here for her if you have a sum of money you want to leave to her.An annuity can start paying when you want, if you want to delay it for a few years the interest adds in the payments last longer. A trust on the other hand will require a trustee and the trustee will charge you .A lawyer can erve as trustee but again there will be fees here yearly to maintain the trust and deal with it. I would talk to AARP here for example about annuities for her.It would give her income long term in monthly payments so that she cannot blow it at once. I think an annuity might accomplish what you are trying to do and avoid the fees of a trustee here. I appreciate the chance to help you tonight.Thanks again and the best here.
Expert:  RayAnswers replied 1 year ago.
Les you could have annuity pay you for your life and then pay daughter if you wanted to do ti that way too.