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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][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.

[b]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][/b]

I’m curious what state you are in and how this is worded w.r.t. contesting

Are you contributing towards your children’s college, graduate/professional school and/or first home expenses?[/quote]

I don't have the document handy so I would have to pull it out vis a vis the verbiage.  We are in Virginia.  A cousin in Maryland uses the same wording and we all got it from an uncle who set up his trusts in California.  I will say that we had a fire lit under us all when we saw what happened to another relative when a son-in-law because unhappy with his allotment from his inlaws who died in the same car accident.

And, yes, there is a fund set aside, separate from each child's trust, that is used for general expenses (continue with the same nanny & housekeeper, housing, travel, K-12 education, college, post-grad college, some money for a wedding and a small/reasonable amount money for a down payment on a first home).[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics