Trust Grandchildren File For Divorce
Description
How to fill out Irrevocable Trust Agreement For Benefit Of Trustor's Children And Grandchildren?
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FAQ
Create a revocable trust for your grandchildren A long-term revocable trust provides continued management of assets regardless of their age when you pass away. In the trust, you'll list a trustee to manage the money until the child becomes an adult (or whatever age you choose).
For revocable living trusts, it's possible to change or even undo them during your divorce. For an irrevocable living trust, it will probably stay unchanged. Since the assets don't legally belong to you or to your spouse, the assets will stay inside the trust for the benefit of your beneficiaries.
Making a trust irrevocable can protect a beneficiary in divorce since the terms cannot be altered. An irrevocable trust can't be dissolved either until its purpose is fulfilled, i.e., passing assets on to beneficiaries.
By setting up a bare trust, you can make sure your grandchildren don't get hold of money before they are old enough to manage it carefully. Until they turn 18, the trustees manage the money on the child's behalf.
Perhaps the simplest way to leave an inheritance to your grandchildren is to name them as beneficiaries in your will or trust to receive a specific amount of money or a percentage of your total accounts and property.