If you have children, ask yourself:
- If they are minors, who will take care of my kids if the other parent and I both pass away?
- Is that same person capable of serving as trustee of the financial issues as well?
- Are there issues with my children that would necessitate planning for special handling? Does a child have special needs, or is a child in a bad marriage?
- Are the children old enough and mature enough to handle a large amount of money?
- Should the money be split evenly or some other way?
- If you have grandchildren, what happens if their parent (your child) predeceases you? Would you want your grandchildren to receive your deceased child’s full inheritance?