Our original will was put in place 19 years ago under NY law. It imagined A/B trusts for the surviving spouse, life insurance trusts holding 30Y term policies, surviving spouses as executor, and a contingent executor and guardian in the event we both died.
In the intervening years, we had a second kid who is 15. Our net worth grew a lot. But I'm thinking that the estate plan for the next 20 years should be different. Specifically:
With a responsible 19 year old daughter who gets along with her 15 year old brother, can we make her the guardian in the event that we both die?
Can she be the contingent executor in the event we both die?
How do others handle this transitional period when your kids are perhaps legal adults, but lack the life skills and judgment to do something like an estate administration on their own?