Who's In Charge???

[mukiman]

California: As I explained in one of my prior posts, as an agreement to get my ex-b-tch of a wife off my back alimony wise..........we agreed I would instead set up a one time trust fund in the amount of 10,000.00 for our two kids 23&20 to finish college.
Neither of us will have access to these funds and they may be used for education purposes only. (tuition, books etc)
My question is this........... who oversees and doles out this money?
The schools say they don't handle this type of situation anymore.Do we need an executor ? If so then who? we never agree on anything.
Thanks, Muki

 

[LdiJ]

California: As I explained in one of my prior posts, as an agreement to get my ex-b-tch of a wife off my back alimony wise..........we agreed I would instead set up a one time trust fund in the amount of 10,000.00 for our two kids 23&20 to finish college.
Neither of us will have access to these funds and they may be used for education purposes only. (tuition, books etc)
My question is this........... who oversees and doles out this money?
The schools say they don't handle this type of situation anymore.Do we need an executor ? If so then who? we never agree on anything.
Thanks, Muki

A trust fund has to have a named trustee. The trustee would be responsible for doling out the funds. Its possible to have two trustees (if you can't agree on one) who would both have to sign the checks.

 

[stealth2]

And of course this was all done through the courts and your alimony was legally terminated and is signed and sealed by the judge, right? Or was this just a side agreement? If the latter, hereman's right - and if she does take it back for enforecement, you are SOL. Because until a judge tells you (in writing) that you can stop paying? You have to keep paying.

 

[rmet4nzkx]

California: As I explained in one of my prior posts, as an agreement to get my ex-b-tch of a wife off my back alimony wise..........we agreed I would instead set up a one time trust fund in the amount of 10,000.00 for our two kids 23&20 to finish college.
Neither of us will have access to these funds and they may be used for education purposes only. (tuition, books etc)
My question is this........... who oversees and doles out this money?
The schools say they don't handle this type of situation anymore.Do we need an executor ? If so then who? we never agree on anything.
Thanks, Muki

Is this a 529 trust like California Golden State ScholarShare College Savings Trust ?

 

[mukiman]

The question you omitted:

Will such an agreement be enforcable once the trust fund is set up, or will your "ex-b-tch of a wife" legally haul you into court in the future for alimony enforcement plus arrearages.

Now hereman: first of all thanks for taking the time to respond
We both have attorneys and this is a settlement that was offered by her attorney to keep us from going to trial. My attorney felt it was good to take the deal so that ALL ties to her would be done.(which is what I want) And yes there will be a signed agreement filed with the court, as they will have to issue an order for permanent termination of spousal support. Trial date is on the calender for this next month if our attorneys can agree on the language of the agreement. Any suggestions??? Any tricks I need to watch out for???
Also do you "legal experts" feel this is a fair deal?
Truthfully between you and me I was going to pay college expenses for my kids anyway. Any So. Ca. lawyers out there?
Gracias Muki

 

[LdiJ]

Now hereman: first of all thanks for taking the time to respond
We both have attorneys and this is a settlement that was offered by her attorney to keep us from going to trial. My attorney felt it was good to take the deal so that ALL ties to her would be done.(which is what I want) And yes there will be a signed agreement filed with the court, as they will have to issue an order for permanent termination of spousal support. Trial date is on the calender for this next month if our attorneys can agree on the language of the agreement. Any suggestions??? Any tricks I need to watch out for???
Also do you "legal experts" feel this is a fair deal?
Truthfully between you and me I was going to pay college expenses for my kids anyway. Any So. Ca. lawyers out there?
Gracias Muki

I am not an attorney, but hell yes, its a good deal. You are getting to end spousal support in exchange for agreeing to something you were going to do anyway!

By the way, the information that you got from now-hereman wasn't really accurate. Spousal support is not "fluid" the way that child support is (as long as the children are still minors). Once it's done, it's done, she can't come back sometime down the road and ask for spousal support again.