How do I set up a trust for my grandchildren?

UPDATED: Aug 28, 2012

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How do I set up a trust for my grandchildren?

What type of trust would be the best? The are listed as my beneficiary on my investment account. Want to make sure my children cannot touch any of the money and my grandchildren receives the full amount when they reach 18.

Asked on August 28, 2012 under Estate Planning, Georgia


Catherine Blackburn / Blackburn Law Firm

Answered 10 years ago | Contributor

I suggest you contact a lawyer to discuss the types of trusts available and set up a trust for you.  Without knowing your specific circumstances, I cannot suggest a specific type of trust.

I find revocable living trusts to be very good vehicles to accomplish what you want to accomplish.  However, if there are tax concerns, you might want to consider something else.  Also, I caution my clients about giving substantial sums of money outright to children at age 18.  Such young adults often lack the judgment and skill to handle large sums of money without guidance.  A trust would put the funds in the hands of a trustee who could make sure your children don't touch the money, your grandchildren don't give the money to your children, and your grandchildren handle the money wisely.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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