Trust question

[glock3540]

I apologize if this has been asked before, I searched some but did not find much. Anyway, I just set up a trust but did not get it notarized yet. (it was the black Friday deal from 199trust.com). I know a few guys say you should go through a lawyer but it seems the trust they set up is legit. I listed my wife as co-trustee, successor and beneficiary. I also listed my two daughters as beneficiaries. They are 10 and 6 years old. Have you guys listed minors as beneficiaries? Should I keep it this way or wait until they get older to put them on? I know they could not legally own them until they are of age but what would happen to the items in the trust should my wife an I die before my daughters are of legal age.

[ExFlyinguy]

That's an interesting question. I could be wrong but my understanding was that everybody listed in the trust as either a beneficiary or trustee must be able to legally possess the item(s). I have 3 co-trustees 1 of which also is listed as beneficiary. All are adults, and I made certain that none are prohibited persons.

I guess my question to you would be why list them as beneficiaries if they are too young to take legal possession? You can always change it later when they are of age. Why unnecessarily open a can of worms? My DIY trust was very easy to do, but once you start complicating them you are better served by seeking legal advice. Just my humble .02 worth.

Obviously I'm not a lawyer.

[shademtarmory]

I have my wife and I as trustees and my kids as beneficiaries. I have a provision setup that if my wife and I die before any of my kids are 21, then the property will be held by a custodian until at least one of the kids is 21. Then the kid who just turned 21 will be custodian for the other kids until they are 21.

[ExFlyinguy]

I have my wife and I as trustees and my kids as beneficiaries. I have a provision setup that if my wife and I die before any of my kids are 21, then the property will be held by a custodian until at least one of the kids is 21. Then the kid who just turned 21 will be custodian for the other kids until they are 21.

Were you able to write this custodial provision yourself?

[shademtarmory]

Were you able to write this custodial provision yourself?

Yeah, I did it all myself... with some input from an attorney friend of mine who is doing NFA trusts.