what to do with money for children, grandchildren?
I am a 77 yr old single woman who only has money in a bank and 2 cd's. should i start putting small amt of money into vanguards total stock mkt or some other vehicle. Should i just leave it where it is making practically making nothing. Also, where do I go to find someone who can help me divide my money into percentages for the 5 members of my family which is one daughter, and 4 grandchildren. On the cd's and bank acct I have to give each one the same percentage and I don't want to do that. I am not speaking of a large amt. of money, but it is sufficient for some. Help!
Terry Says
OK, let's just calm down. There is no reason to take your money out of the bank! It is safe there, and while you won't get rich -- you won't get poor. And you might need that money later in life. So keep it safe in the bank. It's what I call "chicken money" -- and that's nothing to be ashamed of. As for who gets what, you really need to make an "estate plan" -- a revocable living trust, or a will. I would suggest the former. Then you change the name on your CDs to the name of your Revocable Living Trust. When you die -- or are unable to act for your self -- the person you name as successor trustee must follow the instructions in your trust. The money should be used to pay your expenses while you are alive. And if anything is left over it can be distributed in any percentages you decide now. To find an estate planning attorney you can trust, go to the website of the estate planning attorney bar: www. Lawelderlaw.com. If you are in Chicago I always recommend Janna Dutton as an elder law and estate planning attorney. Go to DuttonElderLaw.com.
