Welcome to SPARC Forums. Please login or sign up.

Nov 22, 2024, 03:14:27 AM

Login with username, password and session length

Setting up a Trust

Started by rainbow1, Oct 28, 2006, 06:49:44 PM

Previous topic - Next topic

rainbow1

  I want to designate a percentage of my estate in my will to go into a trust for my grand-daughter, a minor. The trustee I want to designate is not a parent of my grand-daughter. The parents get their own percentage.We all live in Wisconsin.                                                     1. Could you give me an example of how this should be worded to prevent a parent having access to the trust or getting a judge to name either parent a co-trustee?

socrateaser

>  I want to designate a percentage of my estate in my will to
>go into a trust for my grand-daughter, a minor. The trustee I
>want to designate is not a parent of my grand-daughter. The
>parents get their own percentage.We all live in Wisconsin.    
>                                                1. Could you
>give me an example of how this should be worded to prevent a
>parent having access to the trust or getting a judge to name
>either parent a co-trustee?

"I hereby devise ____% of my estate to be held in trust for the benefit of my granddaughter, ______. I further appoint ______ as trustee, with the express instructions that the Trust Res be invested in certificates of deposit, bonds or notes bearing a Standard & Poor's designation of not less than a 'A' or better, with a maturity date no later than _______ (date). Alternatively, the Res may be invested in a nationally recognized no-load mutual fund of substantially similar quality.

I further direct that under no circumstances should any income or Res be distributed from the trust, if there is a reasonable likelihood that the distribution will become subject to the management and/or control of ______. Additionally, in the event that a different trustee is required during the life of the trust, I direct that under no circumstances should ______ be appointed.

The trustee shall be entitled to a semi-annual distribution of ___% of any income derived from the trust as reasonable compensation for acting as trustee.

The trust shall terminate and all income and Res shall be distributed to my granddaughter upon occurance of following condition(s): _______________ (child reaches 21, graduates college, marries, etc.)."

rainbow1