Reply to If you are a trust fund kid, why do you work?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Because it’s embarrassing not to have a job. It’s generally not socially accepted unless you are a SAHM or over sixty. People think you are lame and parties can be hard because you don’t have an answer to “so what do you do?”[/quote]

I wrote this,  it also, some trust funds are written very strictly and the beneficiary has limited access to funds.

For example, I am the trustee of my own trust and have a clause that says I don’t have to consider other resources when choosing how much to disburse to myself. I have to follow a hems standard, which stands for health, education, maintenance, and support. Which means I can’t take it out to buy a luxury yacht necessarily, though no one is policing me. I have the ability to leave my trust to whoever I want, so there are no remaindermen to sue me.

Other people might not be their own trustee, the trustee might be a relative who decides not to give them much, or a bank trustee who follows the terms strictly. My cousins have that and can barely get anything out. Also if a trust has designated remaindermen, and the terms on what you can take out our strict, then technically the remaindermen could try to sue you for spending too much.

So even though a friend may have a trust in their name worth millions, they might not be able to access those millions easily.

But I work because it’s embarrassing not to. [/quote]

Yes, this. The people I know with trust funds have to live within strict guidelines as to what the money can be spent on, the amounts that are designated for certain milestones, levels of education, etc. The trust also has to be forwarded on to each subsequent generation, though all heirs receive their own trusts as they are born.[/quote]

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