Hi, My husband and I live in Savannah, Georgia. We are in the process of constructing our own will due to the recent birth of our first child. In the event that we both are deceased, we have nominated a guardian for our minor child(ren). We would like to have any monies, not needed for immediate costs, to go into a trust for our child(ren). When you appoint a trustee over the trust (until child is of proper age), doesnt this person have complete control over the entire portion of trust? I would like the guardian to use the trust to provide necessary expenses such as eduation. How do you regulate the flow of money coming out of a trust to be designated for "proper" expenses? Assigning a firm or bank to manage a trust is costly. I would like the money to be spent wisely for my child(ren).
Also, is it possible to have the estate divided evenly (per child), 50% to guardian for expenses and 50% to an account that would return interest and be only accessible by the child, at a specified age?
Thank you, Elizabeth