Q: my wife and i are 59 and 65 years old and have a 13 year old child that we adopted we have property and life insurance
we want to protect our daughter when we die.. what do we have to do to make sure she gets our house and life insurance policies. i dont want her to end up in probate court with our house, we do have a niece that can take care of her if we die before she turns 18. i want the best way to get things transacted to her with little amount of issues , like getting our house and policies.
A: The best way to take care of your daughter and to avoid probate is to create a trust. You can specify how money will be used while she is a minor and whether she inherits everything at age 18, or it is phased out to her.
Nicholas P. Weiss agrees with this answer
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