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Posted by JanetR 3 years ago In:

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JanetR
JanetR Asked About 'Should You Establish a Trust Fund?'

Are You Setting Up a Trust Fund?

Do you plan to set up a trust fund? My husband and I are considering it. We want our children to be taken care of but not have access to the money themselves until they are older.

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Geraldine Brown Michigan Attorney
Geraldine Brown Michigan Attorney Answered:

A trust is an excellent way to provide for loved ones after you die because you can set it up to be doled out in the manner or on the schedule that you choose.  Be sure to pick a reliable Trustee because he/she or it will be responsible for making decisions regarding the money based on the provisions you set in advance.  The usual standards are distributions for health, education, maintenance or support.  You can, however, be much more specific.  it is your money, you don't owe it your children and they should appreciate anything they get.

This is general information not intended as legal advice.  No attorney-client relationship has been established.

Geraldine Brown is licensed in Michigan and practices Estate Planning and Asset Protection.

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