Lori Nolan
Junior Member
What is the name of your state (only U.S. law)? NY
Hello.
I have a question about children's trusts. My mother left both of my children 50g in her will to be left in trust until 21 but its an open trust so that money can be used up until the age than transferred entirely to them
My question is can a child's trust be used for anything other than the trust itself. I have definatlly struggled as a single parent and have been renting for 5 years. My intention is to purchase a home with the residue which is my portion. Can any portion of the childrens trust be used in the help to purchsae that home. I feel it is better for my children if I am a homeowner and was practically mortgage free. I would than entrust the house to the children but I am unsure if it is possible. My monthly bills/mortgage would be minimal making it easier for us each month.
My chidren have 2 different fathers. The eldest is 15 and likely going to need that trust very shortly for education. However the youngest is only 8 and I am going to have her around for many years to come. The youngests father makes a 6 figure income and he pays me about 1500/mo in support. Everything we do is proportionate and I highly doubt I will be on the hook for her later education. Can SOME of the trust be used to help purchase a home for us?
Hello.
I have a question about children's trusts. My mother left both of my children 50g in her will to be left in trust until 21 but its an open trust so that money can be used up until the age than transferred entirely to them
My question is can a child's trust be used for anything other than the trust itself. I have definatlly struggled as a single parent and have been renting for 5 years. My intention is to purchase a home with the residue which is my portion. Can any portion of the childrens trust be used in the help to purchsae that home. I feel it is better for my children if I am a homeowner and was practically mortgage free. I would than entrust the house to the children but I am unsure if it is possible. My monthly bills/mortgage would be minimal making it easier for us each month.
My chidren have 2 different fathers. The eldest is 15 and likely going to need that trust very shortly for education. However the youngest is only 8 and I am going to have her around for many years to come. The youngests father makes a 6 figure income and he pays me about 1500/mo in support. Everything we do is proportionate and I highly doubt I will be on the hook for her later education. Can SOME of the trust be used to help purchase a home for us?
