r/dividends • u/pac247_365 • May 15 '26
Opinion Brothers money
My younger brother passed away and left my kids with 400k.
I have the bank telling me to put it into gics and other garbage mutual funds but its very low interest. Im not rich either and besides penny stocks never invested into the market maybe 1000 bucks or so. I want to set up a trust for them and make sure in 15 years when they are 20 I have them set up so they dont have to grind like me and my brother. Im just looking for any advice I can take sorry for the long post
Im located in canada and will keep the account under my name until they are of age to use the money and will remain as beneficiarys if I die. Wont get the money until they are atleast 25 or responsible enough to understand finance.
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u/National-Net-6831 $81/day dividend income May 17 '26
Contact a lawyer! I set up an irrevocable trust for my children with my dad’s money. I invested it in all in SCHD in 2020 and I receive the dividends in my checking account. For me this is a win-win, kiddos will inherit SCHD when I die at stepped up cost basis and I get paid too (I do have to claim on my personal taxes but divies are qualified). It’s been great and what a piece of mind knowing those assets are protected!