We are thinking of the following:
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1) Son becomes the trustee when we pass on and gets house and 25% of liquid assets immediately 2) Ten years later he gets 50% of remaining liquid assets. 3) At age 50 he gets control of remaining liquid assets (Roth assets will be kept here).
Above is just the basic outline and there will probably be a few more details plus it has to be put in proper legal mumbo-jumbo. I don’t discuss our finances with our son as I want him to push hard to find a productive career and not count on anything big from us. We do help him with his college/living expenses for now and he works when he can. I’m sure he knows someday he’ll inherit a reasonable sum. We don’t feel that leaving everything to him outright is a good idea since he’s never handled large sums before. At this point he shows no signs of truly becoming a Boglehead type investor. In 10 years we may have to revisit this as conditions change.
Are there better ways to do this? Has anyone had experience with Vanguard Asset Management Services? It would be ideal if our son could just move assets around within a Vanguard account and rely on them for some advice without paying the management fee but I don't know how one would set this up.
I'd really appreciate getting opinions as it's hard to find informed people on a personal subject like this.