I have made my step children and their children beneficieries on my life insurance. Neither of them are good with money and I am sure they will spend their share in record time. I want my grandchildren to have something to get them situated when I am gone (I currently pay for most of their clothes and school needs althouth they don't technically live with me). My husband, the natural father passed away this year and they did not get any money from him. I don't know how to ensure that the parents cannot just use the money. I would also like to protect the money from the grandchildren so that they don't blow it so unless they are going to college, I want it held until they are 25. I don't have alot of money so the cost to do this is a factor.
You need to do a Will and name a responsible party the trustee of any monies you leave to your grandchildren.
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