Pay Dirt is Slate's go-to column for all things money-related. Have a financial query? Send it to Athena, Kristin, and Ilyce here. It remains anonymous!

Unlock the Secrets to Financial Well-being with Pay Dirt

Accident and Its Aftermath

Just over 30 years ago, when the writer was a few months from her tenth birthday, a horrific accident occurred at her public elementary school. Exposed wires on a light pole were poorly covered, leading to her accidental touch and a substantial shock. Thankfully, she lost consciousness and the current broke when she fell back. Miraculously, she was fine and sent home after a brief emergency room visit.This incident led to a decision by her parents, primarily her young and inexperienced 29-year-old mother. Teachers had been warning the administration for months about the potential danger, and even after the accident, the covering was duct-taped back on. The writer now, as an elder millennial with $100,000 in student loans and no hope of buying a house or retiring, often thinks about the missed opportunity for a large sum of money.

Suing the School: A What-If Scenario

Many teachers advised suing the school for all they could get. But the writer's mother, happy to have her daughter alive, declined. If they had sued, there's no certainty about the amount awarded. It might not have made the writer wealthy, and family expenses could have depleted the funds. Personal injury attorneys also take a percentage, further reducing the potential gain.Talking to the mother about the details might provide some peace of mind. But the writer realizes that dwelling on this fantasy version of events isn't helpful. Life is hard for many millennials, and she needs to focus on building the life she wants with the help of a therapist.

Teaching Children Financial Skills

A parent with a checking account, savings accounts, and retirement investments wants to teach their 16-year-old son financial skills. They set aside money for a car, but he got one from a family member. Now, they want him to make the most of the remaining money and consider investing.While he's too young to own a brokerage account, a custodial account can be opened with assistance. Fidelity offers a "youth account" worth exploring. Reading Investopedia's overview on investing for teens together and the book "Personal Finance for Teens" can also be helpful.

Estate Planning: Trust vs. TOD

When looking at estate planning after the husband's late parents' trust, the question arises of whether to set up a trust or use transfer of death (TOD) paperwork. A trust provides detailed instructions for assets like a house. If there's one heir or complex inheritance situations, a trust can be more beneficial. An estate planning lawyer can guide based on specific assets. The goal is to ease the burden on loved ones during grief.