Downs Law Firm, P.C.
A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs, if something should happen to you. This type of trust allows you to create a single pool of assets to be used for the benefit of multiple children.
Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.
This legal document can also be beneficial in many situations, such as if you want to leave an inheritance to someone but aren’t sure they will use the gift wisely.
My spouse passed. I have stepchildren who want a percentage of the profits from selling our house. What are they legally entitled to with no will?
When you hear the word trust fund, you might think of wealthy kids a big chunk of cash on their 25th birthday. However, trust funds aren’t just for the rich. They are flexible tools to protect your loved ones.
How can we see if there was a will and if it’s worth pursuing?
Your legacy is what you leave behind: What people will remember about you and receive from your life? Legacy planning is about fostering your relationships and passing on what is most important to you for your loved ones.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
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