Legal Question in Wills and Trusts in Texas

Family Trust
My wife and I are expecting a baby (our first). We have decent savings and life insurance coverage.

My wife is the primary beneficiary on all of my accounts & I'm the beneficiary on hers. I would like to create some sort of trust (with no assets right now) so that if my wife and I both died, all of our savings, home equity and insurance benefits would go to the trust for the benefit of our daughter. The idea being that we don't want the money spent on anything but our daughter's needs.

Any idea what it might cost me in terms of setup and recurring fees? Is this something I would do through an attorney, a bank, financial advisor?

Asked on 5/30/07, 4:14 pm

Peter Bradie Bradie, Bradie & Bradie

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Re: Family Trust

I'd suggest a will with a minor's trust in the event you both die. Add a spendthrift provision.

Those wills should cost between $300 to $600, and there are no recurring costs.

Name your children's trust as the alternate beneficiary. That way additional childen are covered as well.

Have a probate lawyer draw it up.

Answered on 5/30/07, 5:26 pm

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