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RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 41537
Experience:  Texas lawyer for 30 years in Estate law
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I have 4 grandchildren, all minors. I have set up savings

Customer Question

I have 4 grandchildren, all minors. I have set up savings accounts for each and contribute to it on a monthly basis. They are the owners (I have used their SSN's), and I am joint owner on each account. I have terminal cancer and I want to make sure that the funds are used "only" for their benefit. I have a trusted, unrelated individual who I would name as trustee and want to set up something where the funds are distributed to each grandchild as he/she reaches 18 years of age. I think I need a "trust" document, but not sure. Am I going in the correct direction?
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: I live in Texas, County of Denton, but within the city of Dallas.
JA: Has anything been filed or reported?
Customer: I'm not sure what you mean by "filed" or "reported".
JA: Anything else you want the lawyer to know before I connect you?
Customer: I have 2 sons and the grandchildren are theirs. Of the 4 grandchildren, 3 live in Pennsylvania, and my son and his wife are getting divorced. My other son, his wife and the other grandchild lives in Texas. In my opinion, the Texas son and daughter-in-law seem not to handle their finances in a responsible manner. With the pending divorce in Pennsylvania and the financially irresponsible pair in Texas, I want to make sure the funds which have been accumulating are used solely for the benefit of my grandchildren.
Submitted: 7 months ago.
Category: Estate Law
Expert:  RayAnswers replied 7 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

Expert:  RayAnswers replied 7 months ago.

You can do this with a will with trust inside it.The executor/trustee would be the person you want inside.You will need to then go back to the bank and name the estate of (your name )as the name on the account and your social.The trustee upon your death will hold the funds for each in trust until they turn of age.Again a will with a trust can deal with this along with renaming the account to your estate as beneficiary . Alocal lawyer can help with all of this.This can be fixed here pretty easy by a lawyer locally where you are.

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