Now that my son is 21 years old (he’ll be 22 in January 2015), does it make sense to make him executor of our will and remove his aunt as executor? When my daughter turns 21 (she is 19 now) should we make she and my son co-executor?
Terry Says: That depends a lot on how mature your children are, or will be at age 21. Have you made a current will — or better yet, a revocable living trust? You could make your attorney a co-trustee with your son until age 25, perhaps. Or until both children reach age 25. A lot depends on what they will be inheriting. If you died tomorrow, would they know to “stretch” out your retirement plans by rolling them over and letting them continue to grow tax-deferred for their own retirement. (Be sure to tell them about this if you name one or both as a beneficiary of your retirement plan, which does not go through probate with your estate.)
Making an estate plan is not a do-it-yourself project. I suggest consulting an estate planning attorney. If you’re in the Chicago area, I always recommend Janna Dutton at 312- 899-0950. Or consult your state bar association or your banker for recommendations.