PandaBear
Recycles dryer sheets
- Joined
- Mar 11, 2014
- Messages
- 313
My mom currently has a trust in which her three children split assets. She is changing the trust to include the grandchildren, all of whom are in their 20’s.....20-28. The trust will still be in thirds, with 1/3 to an unmarried child with no children. The other two 1/3’s will be divided in half, with half going to a child and the other half divided by the grandchildren in that family.
I have been asked for input as to the distribution of the funds to the grandchildren. And I’m really at a loss as to what to say. Dollarwise, the amount isn’t gigantic but still substantial, potentially. I really don’t know my moms current money assets, but I’m guessing no more than 500K tops. But because of luck of the draw, she owns a house currently worth about 2 million+. So it could easily be about 100k per kid.
Obviously, the fear is a younger grandchild inheriting this money sooner than later and doing something stupid with it. I’ve wondered about some kind of gradual distribution, with a caveat it could be accelerated for something deemed a “good reason” (paying for college, buying a home, etc). But who oversees that? What would be a good distribution?
I have no reason to believe that anything will happen to my mom in the near future, but my dad was amazingly healthy at 76 (taking no meds, walking a 36 hole golf course 3 times a week) and was diagnosed with a brain tumor. He lived 2 1/2 years beyond diagnosis, but i know anything can happen.
Any advice?
I have been asked for input as to the distribution of the funds to the grandchildren. And I’m really at a loss as to what to say. Dollarwise, the amount isn’t gigantic but still substantial, potentially. I really don’t know my moms current money assets, but I’m guessing no more than 500K tops. But because of luck of the draw, she owns a house currently worth about 2 million+. So it could easily be about 100k per kid.
Obviously, the fear is a younger grandchild inheriting this money sooner than later and doing something stupid with it. I’ve wondered about some kind of gradual distribution, with a caveat it could be accelerated for something deemed a “good reason” (paying for college, buying a home, etc). But who oversees that? What would be a good distribution?
I have no reason to believe that anything will happen to my mom in the near future, but my dad was amazingly healthy at 76 (taking no meds, walking a 36 hole golf course 3 times a week) and was diagnosed with a brain tumor. He lived 2 1/2 years beyond diagnosis, but i know anything can happen.
Any advice?