Estate Planning For Young Families
Hello Bigger Pockets!
As our portfolio has grown, I'm beginning to consider what a mess it would be to have someone else disposition our assets to help care for our children if something where to happen to the wife and I. We don't yet have a will... which is overdue to say the least.
I know I will ultimately want to get a lawyer to work through this with me... but I was wondering on a broader conceptual basis how long time investors have handled this from a strategy standpoint.
All the options seem less than ideal...
-An unknown dis-interested party selling off real estate assets? meh.
-An as yet unknown management company handling rentals in the name of my children? I'm sure they'll have their best interests at heart. Or: not
So what is it? Just pick the best of the bad options and roll with it? I guess it's good motivation to try out some management companies, but who knows what companies would still be around in 15 years....
You're thoughts & experience on estate planning are most appreciated!! The goal is to try and prevent re-writing a will 10 times over the next 30 years :D