Q re: trust as beneficiary - what about special needs trust?
I'm sorry if I can't articulate detailed/specific questions - but here goes:
I'm in CA. My late husband & I set up a trust about 10 yrs ago; our adult children are beneficiaries (divided equally). After my husband's death about 2 yrs ago, I had the trust updated regarding that, but I've since realized that I need some significant modifications to it. Both "kids" are now over 30 but it's more complicated than it was- one is disabled & needs a protected "special needs" trust, and the other lives in another state. All my sibs, & husbands sibs are older than me, so I don't think any should be co-successor trustee/executor, however they at least live locally & I've been advised that is helpful w/ my kid living out of state. I also need to set up my investment & bank accounts beneficiaries - I can name the trust as beneficiary, right? The disabled kid will lose government assistance if they inherit directly, and they can't manage money, hence the special needs trust.
I have a financial advisor that we've worked w/ for years, so I think I'll get good advice there, but have had to get a new estate planning attorney - my previous one retired - and I'm looking for one who has more experience in special needs.
I felt like I'd caught up with my financial management after husband's death, but now I feel like I'm starting over & am overwhelmed with the details- I don't even remember what the terms of an annuity that I get are, and whether I'd set up any beneficiaries there.
Thanks for any pointers or considerations I should be aware of!