MARC  WEISSMAN

Estate Planner


 
FOSTER CITY
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When Should Heirs Have Powers/Distributions?

This Article is designed to be of general interest. The specific techniques and information discussed may not apply to you. Before acting on any matter contained herein, you should consult with your personal adviser.

The Trust allows you to control the timing of gifts to individuals.

For example, minors cannot own property; the Trust appoints a Trustee to manage the assets and pay to or for the minor's for health, education, and standard of living purposes, any amounts which the Trustee believes appropriate.

At some point, perhaps the heir does not need supervision, and can own some or all of the assets outright, or may manage them for himself inside the Trust.

You may state that the "magic event" to convert the heir into owner/Trustee may be:

Until the "magic event" happens, the Trustee manages the assets for the heir and the Trustee decides how much to spend for what purposes.

When the "magic event" happens, the heir becomes owner/Trustee.

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