Living Will - Children"s Trust Fund Clause
Writing a will is lengthy process and sometimes stressful in case you have to specify every single details of each section.
But it is necessary in your life unless you would want to give out all the asset and properties to someone else for free.
Everyone should have a will drafted and signed, and then safely secured in case one's death.
This will ensure the deceased person's estate are distributed to designated beneficiary and reduce any potential conflict and confusion during probation process.
Among many detailed clause that you can specify in your own will, there is a clause regarding children's trust fund.
This clause will only be showing in the pre-assembled wills that are specifically related to children.
With this specific clause, you may be able to set up a trust fund for any gifts you have made to your minor children.
You can also delay the time when they will actually have unrestricted control over your gift according to the will.
However, it is not recommended to attempt to delay receipt of control beyond the age of 30.
In case you have left assets to more than one child, this clause provides that individual trusts be set up for each child.
If none of your children are minors, you may delete this clause at your own decision.
Generally, the choice for trustee under a children's trust will be the same person whom you have chosen to be the children's guardian, even though this is not a requirement.
The choice of trustee usually becomes a spouse if alive, alternatively being a trusted friend or family member.
Be sure to clearly identify the trustee and alternate trustee by specifying full name.
You can utilize the space provided for an identification of the relationship of the trustee.
It can simply be a descriptive phrase like "my wife," "my brother-in-law", or "my best friend.
" It does not mean that the trustee should be related to you personally.
The terms of the trust is providing that the trust may distribute any or all of the income or principal to the children as he or she deems necessary to provide for the children's health, support, and education.
The trust will terminate in the following cases: - When the child's specific age is reached - All of the money is spent prior to that age - The child dies prematurely Upon termination, any remaining trust funds will be distributed to the beneficiary child if he or she is surviving.
If not surviving, it will go to the heirs of the beneficiary, if any.
If there are no heirs of the beneficiary, then it will go to the residue of your estate.
In addition, you are granting the trustee broad power to manage the trust and also provide that he or she not be required to post a bond in order to be appointed.
If you are planning to prepare a Will, then you can Download Free Will Forms.
It will be used to protect your own estate and specify legal rights towards your assets after your absence.
But it is necessary in your life unless you would want to give out all the asset and properties to someone else for free.
Everyone should have a will drafted and signed, and then safely secured in case one's death.
This will ensure the deceased person's estate are distributed to designated beneficiary and reduce any potential conflict and confusion during probation process.
Among many detailed clause that you can specify in your own will, there is a clause regarding children's trust fund.
This clause will only be showing in the pre-assembled wills that are specifically related to children.
With this specific clause, you may be able to set up a trust fund for any gifts you have made to your minor children.
You can also delay the time when they will actually have unrestricted control over your gift according to the will.
However, it is not recommended to attempt to delay receipt of control beyond the age of 30.
In case you have left assets to more than one child, this clause provides that individual trusts be set up for each child.
If none of your children are minors, you may delete this clause at your own decision.
Generally, the choice for trustee under a children's trust will be the same person whom you have chosen to be the children's guardian, even though this is not a requirement.
The choice of trustee usually becomes a spouse if alive, alternatively being a trusted friend or family member.
Be sure to clearly identify the trustee and alternate trustee by specifying full name.
You can utilize the space provided for an identification of the relationship of the trustee.
It can simply be a descriptive phrase like "my wife," "my brother-in-law", or "my best friend.
" It does not mean that the trustee should be related to you personally.
The terms of the trust is providing that the trust may distribute any or all of the income or principal to the children as he or she deems necessary to provide for the children's health, support, and education.
The trust will terminate in the following cases: - When the child's specific age is reached - All of the money is spent prior to that age - The child dies prematurely Upon termination, any remaining trust funds will be distributed to the beneficiary child if he or she is surviving.
If not surviving, it will go to the heirs of the beneficiary, if any.
If there are no heirs of the beneficiary, then it will go to the residue of your estate.
In addition, you are granting the trustee broad power to manage the trust and also provide that he or she not be required to post a bond in order to be appointed.
If you are planning to prepare a Will, then you can Download Free Will Forms.
It will be used to protect your own estate and specify legal rights towards your assets after your absence.
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