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kimberli146
Guest
I AM A SINGLE MOTHER (NOT MARRIED) AND HAVE ONE MINOR CHILD WHICH is seven.
I currently have a simple will drawn up, but am wondering if this is sufficient enough. I have stocks and bonds from my 401k and IRA listing only my son who is seven as the beneficiary (They probably total $18,000, but I continue to put into these every month. I own a home, but it is not paid off . I have few property like my car and furniture. If something were to happen to me I would like my sister who is married to have full guardianship of my son or the mother who would be secondary person. If I were to die:
1. Who would get possession of my stocks and bonds. I would like my sister to have control of them, but not spend them, but saved for my son until my son turns 18 or maybe use this money for his college.
2. What would happen to my house. I guess it could be sold and if there was any profit off it who would get that? I would like it to go to my son. Since the house is only in my name who would sell it.
3. Would my sister have to go to court to get custody of my son and possession of anything I know. Would that be expensive.
4. Would having a trust prevent them from getting custody of my son or holding any of my stocks for my son.
If something were to happen to me I would like them to get access to everything and especially be guardians to my son, without them having to spend any money, becasue right now they could not afford it.
Should I just keep a simple will or should I get a living revocable trust? If I should get a trust how much do they run to have a lawyer set up. I live in the state of Virginia.
I currently have a simple will drawn up, but am wondering if this is sufficient enough. I have stocks and bonds from my 401k and IRA listing only my son who is seven as the beneficiary (They probably total $18,000, but I continue to put into these every month. I own a home, but it is not paid off . I have few property like my car and furniture. If something were to happen to me I would like my sister who is married to have full guardianship of my son or the mother who would be secondary person. If I were to die:
1. Who would get possession of my stocks and bonds. I would like my sister to have control of them, but not spend them, but saved for my son until my son turns 18 or maybe use this money for his college.
2. What would happen to my house. I guess it could be sold and if there was any profit off it who would get that? I would like it to go to my son. Since the house is only in my name who would sell it.
3. Would my sister have to go to court to get custody of my son and possession of anything I know. Would that be expensive.
4. Would having a trust prevent them from getting custody of my son or holding any of my stocks for my son.
If something were to happen to me I would like them to get access to everything and especially be guardians to my son, without them having to spend any money, becasue right now they could not afford it.
Should I just keep a simple will or should I get a living revocable trust? If I should get a trust how much do they run to have a lawyer set up. I live in the state of Virginia.
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