Reply to Testimentory trust for minor children - what terms would you put on it?

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[quote=Anonymous][quote=Anonymous]We have some kids still in elementary school and some who have graduated college so our needs may be different than yours.

Basically, the trusts are governed by an executor.  There are payouts at staggered stages from 18 to 55, in incremental amounts with stipulations about use (or nonuse) of the funds).  Each increment is predicated on the success (we spell out the criteria) in managing the prior increment.  We also tried to build in some safeguards to help our kids avoid gold-diggers or people (strangers, friends, relatives) with sticky fingers.

If one of us dies, the other cannot change the trust or will.

If a beneficiary contests the will, that person immediately loses all funds that have been paid or will be paid and is no longer a beneficiary of our will/trusts.  My husband has actually told our executor that he wants a "scorched earth" attitude about anyone who contests.  We are being more than fair and equal.  We cannot imagine a scenario in our current status that would cause anyone to contest, but we also realize that life happens.

We have been very clear to the kids because we want them to give the warning to anyone who gets involved with them - do NOT plan on benefitting from our will because our kids' hands are tied so go do your gold-digging elsewhere.[/quote]

I just reread my post.  I sound harsh.  I want to be clear that my husband and I are self-made.  We both come from families that have money but what we have done, we did starting from $0.  We want our kids to do the same thing.  We've read all the studies about what happens in families where kids get too much too soon.  We don't want to see our grandkids living trust fund lives.  We want everyone working and being productive.  So we are keeping a tight hold on the money even after we're dead so that everyone is, indeed, working and being productive.[/quote]

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