FB Live FAQ Friday: Trusts for young children in Wills
On Friday, May 28th at 8 a.m. EST, Mr. Berger discusses how to setup a Trust for young children in your Will.
Common Trust or pot trust means that all the money is all together until the youngest child reaches the youngest age (usually 25) before it is divided in separate portions.
Guardians and trustees are usually the same thing. There is usually a certain amount to help out the guardian take care of the children maybe with a larger house or similar expenditure.
If they are the same thing, then an independent third party needs to approve the expenditure. The trustees can also give money to the guardian as a sort of child support.
Most of the Trust is set to provide for the children-their education, start in life. $1,000,000 to raise a child from birth to adult.
3 provisions in the Trust for the oldest child while waiting for youngest siblings to get older: first wedding, down payment on house or start in business/profession are considering advances to the child. Then that advance is deducted from distribution when separated among all children.
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