Who Should Manage My Trust?
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
16 min
2 speakers
3 chapters
transcribed 2 months ago
Transcript
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Transcript generated automatically by AI and may contain errors.
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Hey, this is Allie, and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show. Welcome back. Ladies and gentlemen, you're listening to another edition of DIY Money. DIY Money. Okay, we're going to skip the bro talk because we have an intense question today. I love it. Absolutely love it. We're going to... You should be ashamed of yourself. Do all of our other shenanigans, though. Visit us on the web, DIYMoney.org. Social, DIY Money Podcast. And send us questions. Podcast at DIYMoney.org. Podcast at DIYMoney.org. We are closing in on a thousand episodes I saw the other day. I mean, we're like 890 or something like that.
But I mean, before we know it, it's going to be a thousand episodes. And oh, by the way, and I'm done after this, I promise. We're closing in on a thousand episodes right around the time I'm preparing to retire from Juul and lean more into this. What is going to happen when we lean into this after a thousand episodes? Yep. Let's go. Let's go. Okay. We have a great question from Amanda today. Amanda, what do you got?
DI.
Hey, DIY Money Crew. This is Amanda from Iowa. I've been listening to you all since the pandemic. Thanks for the years of information and great advice. I haven't heard this covered yet, and I hope you can help me out. We have a will and trust established for our minor children, and they stand to inherit a significant amount of life insurance and other assets. These funds would require management for many years because we have the trust set up so they do not inherit everything at age 18. It is more of a gradual distribution as they mature. I was hoping to get your opinion on naming a professional trustee versus a family member to manage their money if something were to happen to both my husband and I.
If you recommend a professional, how do we go about finding one? What should we look for? What steps do we need to take now to ensure our children are taken care of no matter what happens in the future?
Thank you for all the great lessons, guys.
Okay, first of all, shout out to Amanda, listening since pandemic. That's six years. You guys started it in 19, right? Yeah, 19, I believe. Yeah, 2019. And she's a six-year listener. Love it. Has she ever sent a question in, I wonder? I don't think so. Okay, this is a great question because there's a lot of nuances here, and I'm going to just scattershot all over it. Caveat, I'm not an attorney, okay? Neither is Logan. We did not stay at a Holiday Inn last night, okay? Consult with an attorney whenever you're doing wills, trusts, estate planning, etc., That said, I've been around it enough. I've worked with enough attorneys. I've worked with enough complex estates. I've worked with simple estates. I have been trustee.
I have been co-trustee. I have been executor, etc. So I have trust myself. Okay, all that to say, typically, when you have a will, a simple will... For minor children, you are going to name in the will who is going to care for the children, right? So if something happened to you, you want to have a will so that you say, yep, my sister, my brother-in-law, they are going to care for these children. You do not want the state to determine who is caring for your children. Okay, that's number one. Number two, a lot of times, if you have minor children and there are insurance proceeds or maybe someone has decent net worth or whatever, inside of the will, and this might be the case, I'm not sure, Amanda didn't stress, but inside of the will, any monies left to the children
more than likely will be left in trust for their benefit. So the trust would be established through the will once someone passes on, okay?
What is Amanda's trust question and family situation?
And those are, those become what are known as irrevocable living trusts, okay? They go into place when someone is passed on and typically are done inside of a will. However, There might be a situation where the children have living trusts right now. Or there might be a family trust, or whatever it might be.
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