How do I set up a trust for my grandchildren?
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How do I set up a trust for my grandchildren?
What type of trust would be the best? The are listed as my beneficiary on my investment account. Want to make sure my children cannot touch any of the money and my grandchildren receives the full amount when they reach 18.
Asked on August 28, 2012 under Estate Planning, Georgia
Answers:
Catherine Blackburn / Blackburn Law Firm
Answered 12 years ago | Contributor
I suggest you contact a lawyer to discuss the types of trusts available and set up a trust for you. Without knowing your specific circumstances, I cannot suggest a specific type of trust.
I find revocable living trusts to be very good vehicles to accomplish what you want to accomplish. However, if there are tax concerns, you might want to consider something else. Also, I caution my clients about giving substantial sums of money outright to children at age 18. Such young adults often lack the judgment and skill to handle large sums of money without guidance. A trust would put the funds in the hands of a trustee who could make sure your children don't touch the money, your grandchildren don't give the money to your children, and your grandchildren handle the money wisely.
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