Reply to Trusts in Wills for college age kids

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[quote=Anonymous][quote=Anonymous]How about setting it up so they don't know about the money? And then at 35, whatever college and grad school debt they have, the trust pays off the balance. Then at 45, whatever is left on their mortgage is paid off. This will help build character and a strong foundation. They will learn to become productive, contributing members of society with skills and less time to develop and devote to dangerous vices. And when they are 55, the remainder is passed on to them. Each time there is a payout, have the trustee make it seem like this was all there was and there is nothing more. Otherwise, they may just kick back and wait for the next hand out.[/quote]

From a legal point of view it is problematic if the beneficiaries of the trust (your children) are not aware that there are more assets left in the trust, because there will be no one to hold the trustee accountable. From a psychological point of view, this setup would show a big lack of trust in your children. If I were them, I would be deeply hurt.

Also, give your children some credit and don't assume they will be parasites. Waiting until they are 45 or 55 years old is way too long. I would go with the recommendation of the first PP.[/quote]

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