Advice on makingWill or Living trust

You should have a Living revocable Trust. A will would become void in certain conditions. You can have a will in combination with a Trust but Trust would own everything and would take precedence.

It might cost you some, but going to attorneys might be the best. Ask around for a good one and someone has used.

It should be a living revocable trust with an incapacity clause. The below website might help you with researching more on the subject.

Suze Orman Resource Center : Wills and Trusts : Personal Financial Guru : Can I Afford it : Suze Show


Also, please come back and post after you are done with this, so it might help others.

 

My husband and I have a living will. We had it made when we were both GC and son was a baby (Citizen) - similar to your case.

We used the services of a legal company. Gives options on rights of parents / grandparents etc, financial

Did it mainly because somebody told us that if something we to happen to us, our son, being a ciitizen of the US, would become a ward of the state and would not automatically go to next of kin (since we do not have any immediate family in the US who are citizens).

You should certainly consult a family lawyer, and have legal papers drawn up.
All the best

 

DKI: Wonderful pointers on something's I have been pondering on. Especially if something happens to both of us what will happen to my kid. To make a will here is it necessary to have a GC? Also (touchwood nothing happens), if something happens to us how will anyone know we have the will. Will the lawyers be telling? I am just confused. I know negative thoughts are not good but it better to secure the life for our kids than doing nothing.

 

Following this thread

 

Our families know we have a will and what the contents are. And it is kept at home itself. We have moved from the place where we were when we set it up, so no lawyer anymore.

You do not need to be a green card holder to make the will. IMO anybody who is in this country and has a kid born here should for the security of that child have a will.

 

Im new to this but if you and your spouse are Indian Citizens and kid is US Citizen by birth and you have immovable properties in India, would you still need a will/living trust? We have no properties(except our cars) here in the US. We have been hearing a lot about this recently. Should we nominate a local guardian in that case? What if you dont have family here?