TinkerBelleLuvr
Senior Member
What is the name of your state (only U.S. law)? Florida, Michigan, Indiana, California
I am a Florida resident. I have recently set up a will and trust here in Florida. My son, who is in California, is the executor. I have one minor child for whom I have a 529 for her college and a UGMA (uniformed gifts for minor act) account; this account is also for her college. I currently manage the accounts. The 529 is tied to my social security, with my daughter as beneficiary.
My X is in Michigan. The UGMA account was set up in Indiana.
I'm trying to figure out who would manage these accounts if something were to happen to me. I am wanting my son to manage (he's doing well in managing his own) until she got to college. If her father were to get his hands on them, well, they would be disipated.
How do I make sure that the account is managed properly, by my son, until she would be ready for college?
I currenly consider the trust and will "drafts" as I will change them to make sure that these two areas are well covered. I figured that the first pass would allow me to tweak it to make sure that the minor child will be fully covered in school.
I am assuming that the minor child would land up with dad if something happened to me.
I am a Florida resident. I have recently set up a will and trust here in Florida. My son, who is in California, is the executor. I have one minor child for whom I have a 529 for her college and a UGMA (uniformed gifts for minor act) account; this account is also for her college. I currently manage the accounts. The 529 is tied to my social security, with my daughter as beneficiary.
My X is in Michigan. The UGMA account was set up in Indiana.
I'm trying to figure out who would manage these accounts if something were to happen to me. I am wanting my son to manage (he's doing well in managing his own) until she got to college. If her father were to get his hands on them, well, they would be disipated.
How do I make sure that the account is managed properly, by my son, until she would be ready for college?
I currenly consider the trust and will "drafts" as I will change them to make sure that these two areas are well covered. I figured that the first pass would allow me to tweak it to make sure that the minor child will be fully covered in school.
I am assuming that the minor child would land up with dad if something happened to me.