Hello. I am researching options to provide for minor (toddler age) children with a will and trust. I understand that a testamentary trust is one method, where assets such as life insurance proceeds, real estate sale proceeds, investments, etc. can be put into the trust for the children's benefit. Once the trust has been funded from the decedents' estate, can new funds be added to it later from other sources?
I am thinking of money that the children would receive in the future, such as monthly Social Security survivor benefits, or monetary gifts, or perhaps earned income. Can funds like that be added to the trust, and thereafter available for any necessary distributions? Or is there a better solution, such as custodial savings account/UTMA?
I am thinking of money that the children would receive in the future, such as monthly Social Security survivor benefits, or monetary gifts, or perhaps earned income. Can funds like that be added to the trust, and thereafter available for any necessary distributions? Or is there a better solution, such as custodial savings account/UTMA?
Statistics: Posted by bene1 — Tue Feb 13, 2024 8:05 pm — Replies 2 — Views 168