Fulshear Texas Attorney Fiona Goodison explains how a contingent trust might be an important part of your estate plan. Call or text 800-929-1725 for an appointment.
Summary of the Contingent Trust Video
Hi, this is Fiona Goodison. I’m a lawyer with Wadler, Perches, Hundl and Kerlick, here in the Fulshear office. And today I wanted to talk to you about some questions that I get during the course of the estate planning with our clients.
One of those questions is if I’m leaving money or a gift to a minor, how do we handle that? What we do in that situation is we write something known as a Contingent Trust into the body of the will. That trust lays out the standard to which your trustee can make distributions.
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The trustee can make distributions for health, education, maintenance and support, and the trust also delineates at what ages the financial portion of the gift will be given — x amount at age 18, x amount at age 25 and so forth. In addition to that, we appoint a trustee, oftentimes a loved and trusted family member, who will manage the trust that is contained within the will.
Now an important distinction between this Contingent Trust, and another trust in terms that you might hear about is that this Contingent Trust is sleeping. We’re not funding it now. We’re not doing anything with it now.
Its funding is contingent upon both parents passing and the trust’s beneficiaries being under a certain age. You’ll tell us the ages you feel are appropriate, and we’ll write that information into the Contingent Trust.
So that’s how you do it. If you have any questions or need assistance with this, please give us a call or text us at 800-929-1725.
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