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Parenting -- Special Concerns
Reply to "Divorced parents, trust fund"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The only thing I'd worry about is if the parent in the trust dies while the children are still minors, there should be some mechanism that allows the ex to access funds to be used for the children but which may necessitate using the money in the ex's name. For example, the ex loses their job and needs money to pay the mortgage, food, and utilities which benefits the children. I would expect the parent would have to fully account for those uses.[/quote] The mechanism is inbuilt with a trustee. Ours is a bank. The co-parent would go to the bank with a reasonable request for XX expenses for the kids. If the trustee (bank) deems it reasonable, they get the money.[/quote] I’d be really hesitant to set this up. The ex is going to take advantage. [/quote] Banks are actually very strict about this, which is why I didn't select a family member. I think family is more likely to take advantage and an entity that will never benefit. Plus they are used to these situations, where people try to steal money from kids.[/quote]
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