dh and I currently do not have wills. now that we have ds and have purchased our own home, we think it's probably time to revisit this matter and get something sorted out.
so my question is, what kinds of things need to be covered by the will? I know the obvious stuff (how our respective estate should be dealt with in the event of either of our deaths) but does a will set out what should become of ds (and any other potential children we may have together in the future) should we both die and he is still a minor? or is that set out in a different document?
I'm not asking for legal advice as I know we'll need to see a lawyer and get this done but just wanted ideas on what kinds of provisions people have in their wills, esp where minors are concerned.
ideally I'd like some kind of testamentary trust set up (should we both die leaving him/other kids) that generates income to cover their expenses that is administered by a trusted individual and that the funds can't be taken by anyone else, ie may only be accessed to cover children's living/educational expenses. there could then be a clause releasing some/all of the capital once each child turns say 25 or 30 or something.
is this realistic? will an estate lawyer be the person to see?
any feedback/thoughts/ideas welcome. we are happy to pay a little bit more and get it set up correctly.