Reply to Trust for kids from grandparents: How should I handle it?

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[quote=Anonymous][quote=Anonymous]We're both only children and are probably in a different place financially, but we asked our parents to take us out of their estate plans when we got more financially secure. We encouraged them to spend more on themselves, their churches and causes and not worry about leaving any money for us. They set up living trusts with our children as beneficiaries but us as trustees when the kids are under 18. Its pretty unrealistic to think they'll change their frugal ways, so there will likely be a significant amount left to our kids. Hopefully, they won't get it for a long time but in the mean time they get to live their lives knowing they have can take chances and pursue true interests/passions rather than chase a paycheck.  If we ever get grandkids, we'll probably use the same model. [/quote]

OP here.

I think this model makes a lot of sense especially as people are living longer and longer.  My mother's mother passed away when my mother was 77.  At that point, the money my mother inherited was not terribly beneficial to her as she had plenty of her own money and also had never really struggled.  I think my dad noticed this and wanted to make sure that his money would go to help his grand-children when they needed it especially because he was still struggling financially in his 20s and 30s and knows that my sister and I are really past the truly struggling phase.

I might consider doing this myself as well if I have considerable assets by the time my grandchildren are born and my kids are older.[/quote]

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