Don’t leave it chance or hope that everyone will be honest. Even if they are honest now, major life changes can and does change people. I have a close relative who lives nearby who technically and practically help dd dispense of the business but I am not sure this person would have her best interest at heart. I could put my dad down to serve in this capacity and he would agree but we need someone who is more likely to be around in the event dh and I die in a common accident.
We have some decisions to make before getting back with the lawyer and will probably meet again in a couple of weeks after getting some ducks in a row. We are actually happy to be making these decisions because it means we are taking control of yet another part of our life. It will mean some tough decisions and some money spent but will give another layer of peace of mind.
Now, let me add that we are not rich by the world’s standards. We do make a comfortable living but we are not rich. I remember Oprah Winfrey saying that after she started making some real money her family treated her as if she were the “Bank of Oprah”. They were (are?) constantly trying to borrow money or just have the money given to them outright. We are no where close to Oprah’s wealth, that is probably a good thin. However we have had a family member or two ask to “borrow” money. I use quotes because none of it has ever been repaid. Those people are still around and in our life. If they continue to remain there after our death, I am sure they will try to borrow money from dd or get it given to them. It is that kind of thing we are trying to guard against. We don’t want so much “borrowing” done that dd ends up with nothing. As many of us know here, that “borrowing” usually ends up being a gift. Now if we decide to help someone, it is weighed carefully and it is a gift, not a loan.
So, protect yourself, protect your assets and take care of your kids.