I have been trading quite successfully last few years not smashing but relatively well. Why did I put here in regards to will or rev. trust? Since the cash and option holding I have grown somewhat respectable amount, I wanted to create a will for my daughter who is 5 now. I am totally ignorant about this but little research shows revocable trust is best except for one thing: once trust is created, one has to transfer the assets into that. But I wanna keep trading all or most of the funds I hold. That is biggest single deal breaker that I back away from revocable trust.
Will seems to be less desirable because it requires to name a guardian, well, this is not relevant but just saying why will is not desirable for me: I am not in good terms with her mom, separated and she is not well with money: extravagant, spends way beyond her means and it has been constant source of struggle so since will requires to name a guardian who distributes, I can't really depend on her.
Irrevocable trust when studied, not really a suitable option.
So I was looking to see any of you run into similar situation or any other inheritance vehicle I could possibly use?
Here is the requirement I am seeking:
- Inheritance vehicle I can keep using (well investing in options) its fund after created.
- If I die, any holding can be liquidated by some trusted executor and distributed or held (I will explain held in next item). Now I understand there is a big IF in this case, which is option being highly volatile and no guarantee of certain price or amount at the time of liquidation.
- Starts distributing fractional amount not lump sum, when she reaches 18 years old and starts enrolling in college. That is because when she needs $$ most and I expect college education to be most expensive when she is grown up.
- Having studied blockchain and cryptocurrency basic few years, I even thought about smart digital contract that can only unlock its fund after certain date and time and do it periodically but problem is I am missing still technical skill especially in the area of "cryptocurrency digital smart contract" and cryptocurrency market has crashed. I dont even know crypto will exist when she is 18, or something better has replaced it.
Any thoughts? Thanks., !!
Will seems to be less desirable because it requires to name a guardian, well, this is not relevant but just saying why will is not desirable for me: I am not in good terms with her mom, separated and she is not well with money: extravagant, spends way beyond her means and it has been constant source of struggle so since will requires to name a guardian who distributes, I can't really depend on her.
Irrevocable trust when studied, not really a suitable option.
So I was looking to see any of you run into similar situation or any other inheritance vehicle I could possibly use?
Here is the requirement I am seeking:
- Inheritance vehicle I can keep using (well investing in options) its fund after created.
- If I die, any holding can be liquidated by some trusted executor and distributed or held (I will explain held in next item). Now I understand there is a big IF in this case, which is option being highly volatile and no guarantee of certain price or amount at the time of liquidation.
- Starts distributing fractional amount not lump sum, when she reaches 18 years old and starts enrolling in college. That is because when she needs $$ most and I expect college education to be most expensive when she is grown up.
- Having studied blockchain and cryptocurrency basic few years, I even thought about smart digital contract that can only unlock its fund after certain date and time and do it periodically but problem is I am missing still technical skill especially in the area of "cryptocurrency digital smart contract" and cryptocurrency market has crashed. I dont even know crypto will exist when she is 18, or something better has replaced it.
Any thoughts? Thanks., !!