What is the name of your state? WA
I would like to provide for my mother-in-law to remain living on a property my husband and I currently own. But we want our daughter to inherit it when my MIL dies. We are in the process of putting together a will and living trust for both of us.
I think this can be done either as
a) a part of our living trust (which would keep it active longer)
b) as a life estate which springs from the life trust, or
c) as a separate trust, which would also spring from the life trust.
Is this correct? Which is better?
The rest of the estate will pass to our daughter in a child's trust.
In all the documents I've read about child's trust, I haven't seen the ability of a trustee to invade the principal of the trust for things like a downpayment on a house or an allowance for the principle to be disbursed based on when the trustee feels that the child has become mature enough to manage the money successfully. Is it possible to do either of these in a child trust?What is the name of your state?
I would like to provide for my mother-in-law to remain living on a property my husband and I currently own. But we want our daughter to inherit it when my MIL dies. We are in the process of putting together a will and living trust for both of us.
I think this can be done either as
a) a part of our living trust (which would keep it active longer)
b) as a life estate which springs from the life trust, or
c) as a separate trust, which would also spring from the life trust.
Is this correct? Which is better?
The rest of the estate will pass to our daughter in a child's trust.
In all the documents I've read about child's trust, I haven't seen the ability of a trustee to invade the principal of the trust for things like a downpayment on a house or an allowance for the principle to be disbursed based on when the trustee feels that the child has become mature enough to manage the money successfully. Is it possible to do either of these in a child trust?What is the name of your state?