Stanley J. Kon is Chairman of Ripsaw LLC where he oversees research, education, and product development. He also is the editor of the Journal of Fixed Income.
Dying without a will can be costly and eliminate your ability to plan or provide for loved ones.
Grandchildren will have a very long-term investment horizon and have more risk tolerance than their children. An educational fund will likely have a much shorter investment horizon with less risk tolerance. This process can be used to separate what amount you need to fund your expected remaining life from what you expect to provide beneficiaries and manage accordingly.