Re:Trust / Children / Distribution of assets question

It often does, yes.

So you want to make the decision now that will apply irrespective of the actual circumstances occurring at the time? Is that a good idea?

Do you mean for free?

They should also be helping to make more than enough income to offset their fees. Ask about that and what the options are.

There are two things that occur to me. First is to have someone in the family manage their money (without fee, or with one low enough to suit you).

The other is to have an annuity purchased, that will pay the money out over the time period you want. Again you will need someone other than your kids to be the trustee, so that they don't go and sell the annuity for cash.

"rita" wrote

Trusts have a "trustee", which can be a bank or brokerage, or a family member, or someone else. Trustees often get paid for the work they do, but it's not required. Remember that the fees from Schwab, etc, wouldn't apply till it's funded, and that may not happen till the boys are adults and can take care of your money in a responsible manner.

Depending on the facts and circumstances, you or your spouse could be the trustee of the trust funded upon the death of the other, then a brokerage, banker, family member or someone else could be trustee after that as circumstances arise.

You need to see an attorney who is well versed in California trusts, keeping in mind that you or the kids might not be living in CA when the trust is needed, funded and used. They'll make sure your wishes are addressed in the documents, as well to make it as flexible and seamless as possible.

This is the second time in as many weeks you've posted the question here, and you are posting to other groups such as misc.financial-planning.moderated and misc.taxes, yet you never respond or follow-up to the answers you get -- are you just collecting answers for some homework exercise?

-Mark Bole