Legal Question in Wills and Trusts in Colorado
Leaving money to children
I have two children from my current marriage (ages 5 and 2) and a daughter from a previous marriage (18). If my husband and I die at the same time, we want to leave guardianship to my parents, but my husband wants his sister to manage our estate. How should that be set up so that my parents can access the money as necessary for use for the children without having to go to my sister-in-law and ask for money? Thank you.
2 Answers from Attorneys
Re: Leaving money to children
There are a number of arrangements, such as a will or a trust, that could be set up to accommodate your concerns. I would advise you to contact an estate planning or elder law attorney to review your entire situation and recommend which options may be advisable for you. The situation you have described so far does indicate that you need to take steps to put some type of estate plan into place to prevent unexpected and unwanted complications in the event you and your spouse die at the same time.
Re: Leaving money to children
If you have one person manage the money and another as guardian of minor children, then they must coordinate with each other.
Before making final decisions, you should consult with a qualified estate planning attorney who can help guide you through your decision making process and advise you of appropriate alternatives.
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