My wife and I are making our first wills since we have a 5-month-old in the family to think about. We decided we would like to put our assets in a trust for our son, but we're not sure how to set it up.
We have complete faith in the person (couple) we have chosen to be our guardian, but don't want our assets in their name.
Would it be okay and/or legal to make them trustee as well as guardian?
2006-07-10 15:41:38 · 4 answers · asked by jfrabell 2 in Business & Finance ➔ Other - Business & Finance
Yes! I have legal guardianship of my grand-daughter! Always seek a lawyer for these things. Most people do make the person trustee if they are giving them guardianship. Again, get legal advice. I commend you for thinking about your child in case something were to happen.
2006-07-10 15:47:56 · answer #1 · answered by ? 4 · 1⤊ 0⤋
You should appoint a financial advisor, brokerage house, etc as the trustee and give the guardian signature rights to draw on it as needed, for the care of the child. This will help the money end up in a place where it will grow over time, instead of a standard interest-bearing savings account which also grows but does so very slowly. It also prevents the guardian from being tempted by the money. I know you say you have complete faith in the guardians but money (especially large sums) does strange things to people. If there's a third party involved and acting as overseer to the money, then the guardians can be free of temptation and concentrate on the best interests of the child.
2006-07-10 23:35:00 · answer #2 · answered by dcgirl 7 · 0⤊ 0⤋
in my personal opinion what i would do is set the will up in your son's name and include in there that your son is to receive all assets when he turns 18 or at the age that you feel is fit. and then put in there that the people you choice to take care of him is to take care of the assets and keep them in good standings. and what ever money their may be i would put it in such a way that your son can not touch it till he is 21 or out of college and can only be used if it is used for schooling reasoning. i hope this helps you out a little bit.
kitty
2006-07-10 22:49:58 · answer #3 · answered by kitty 1 · 0⤊ 0⤋
No, not unless they're financial professionals accustomed to fiduciary responsibilty. Best to set up an allowance for them and to have a second opinion for major expenses.
2006-07-10 22:48:30 · answer #4 · answered by szydkids 5 · 0⤊ 0⤋