We have not made any specific plans yet. But the important thing for us is that the money is there for our children, not someone else, and that they are well cared for. We want to remove the temptation of someone else using the money for their own purposes (which can be tempting if the amount is high enough), while at the same time having enough for the children to live on. Plus, like stated before, if the money is given straight to someone else, it can become a liability to them in case of financial trouble or unexpected circumstances.
We have recently had to make changes in our plans, so at the moment they are not firm, but we are planing a trust that would allow a guardian reasonable access to the money, but not uncontrolled access, as well as make allowances for emergencies. Then when each child comes of age, college, or other educational/professional training, will be paid for as well as moderate living expenses until they reach 21 or 25. I do like the stipulation of marriage (say for a year) or having a child to release the money a little earlier. Life events like that can create circumstances that require money.
We have recently had to make changes in our plans, so at the moment they are not firm, but we are planing a trust that would allow a guardian reasonable access to the money, but not uncontrolled access, as well as make allowances for emergencies. Then when each child comes of age, college, or other educational/professional training, will be paid for as well as moderate living expenses until they reach 21 or 25. I do like the stipulation of marriage (say for a year) or having a child to release the money a little earlier. Life events like that can create circumstances that require money.
