Single mom with assets under 500K needs to know how to protect 16 yo son from father's bad money habits.bankru

Question

I'm considering changing my life ins beneficiary from my son's name with his father as his caretaker. I don't want to have to start a trust account and hire a lawyer

Answer 1

Well, as you know, if you leave the money to your son, his father will have control over it.   The only way around it, if you refuse to do a trust, is to leave it to someone you trust, who will do right by your son.

Answer 2

the trust fund is the best way to go Im afraid unless you have a trusted family member

Answer 3

No problem. A trust is the best option but if you don't have any money to spare ( I would estimate cost at $500 initial and $300-500) annually for record keeping and tax return, go with another trustee besides your husband. ie. yoiur parents, siblings etc