What is the name of your state? WA
My grandmother left me in her will and I am entitled to about $25,000. In the will, she specified that if the grandchildren are under 25 years old, their money is to go into a trust. I am 24, graduated from college and attending graduate school next year. The executor and my mother want to avoid the cost of a trust and pass the money along to me right away because it's just going to go towards schooling and everyone feels I am responsible enough to manage the money.
Are there any ways to avoid putting the money in a trust and then immediately giving it all to me? How much does a typical trust cost to set up? Does that money come from my inheritance or the general pool of money? Any other advice?
My grandmother left me in her will and I am entitled to about $25,000. In the will, she specified that if the grandchildren are under 25 years old, their money is to go into a trust. I am 24, graduated from college and attending graduate school next year. The executor and my mother want to avoid the cost of a trust and pass the money along to me right away because it's just going to go towards schooling and everyone feels I am responsible enough to manage the money.
Are there any ways to avoid putting the money in a trust and then immediately giving it all to me? How much does a typical trust cost to set up? Does that money come from my inheritance or the general pool of money? Any other advice?