Reply to If you were setting up a trust for your nieces/ nephews how would you do it?

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Reply to "If you were setting up a trust for your nieces/ nephews how would you do it?"

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[quote=Anonymous][quote=Anonymous]Is this for when you die? Or before?

Although honestly, either way I would recommend structuring the trust to give an independent trustee a lot of discretion and then pick an independent trustee (and successor) you like. Let the kids become their own trustees at 25 or 30 or whatever.

You just don’t know what is coming for them. Someone has a special needs kid, or gets hit by a bus, or whatever. I don’t think those timeline set ups are wise. It’s not going to help that much if the kids are irresponsible, and it can hurt if they aren’t. You’ll be dead and you won’t be able to change it, so I think it’s better to empower the people who are alive rather than try to predict the future. [/quote]

We are setting up trust currently.  A good lawyer will put in provisions for all of this including special needs, to ensure the money is there for use but also protected so a SN person can utilize the services available before draining the trust.

You also put protections in place (thru the trust and you letter of recommendations for trustees) so someone cannot access the money if on drugs/etc.  it can be used for rehab but not to support the bad habits.

A good lawyer will have boilerplates for all of this [/quote]

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