My question involves estate planning in the state of: NC
I have two children over 50 years of age, my oldest has a stroke disability and although she can still function and reason the basic things like counting money are problems for her. In setting up a will is there a way to make allowances for a disabled child as I wanted to treat each child fairly. But I did not want to give half the estate in a lump sum to the disabled child which may end up not being used for their benefit.
Since I have a small estate which is under 500k in stock and cash I was thinking of setting up in my will a deposit account which would be administered by the youngest child, who is also my executor, which would make small yearly payments to her from the estate. As my oldest child is married I wanted to make sure the money would be used for her benefit only. I was thinking maybe a credit card opened by the executor with her being added as an authorized user may be the best product in this situation.
I have two children over 50 years of age, my oldest has a stroke disability and although she can still function and reason the basic things like counting money are problems for her. In setting up a will is there a way to make allowances for a disabled child as I wanted to treat each child fairly. But I did not want to give half the estate in a lump sum to the disabled child which may end up not being used for their benefit.
Since I have a small estate which is under 500k in stock and cash I was thinking of setting up in my will a deposit account which would be administered by the youngest child, who is also my executor, which would make small yearly payments to her from the estate. As my oldest child is married I wanted to make sure the money would be used for her benefit only. I was thinking maybe a credit card opened by the executor with her being added as an authorized user may be the best product in this situation.
Wills: Estate Plan for Disabled Adult Child
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