Nutley, New Jersey estate planning and probate attorney, Brad Micklin, talks about leaving a trust for your child after you die.
More In This Category
The control that you have over a trust that you leave for your children will vary depending on what steps you took in the formation of the trust document. Commonly, most people draft trusts that are very broad in designating trustee powers, meaning the trust will say they have broad discretion to use the funds for health maintenance and education. But if you’re really concerned that certain things either be permitted or not be permitted I usually encourage clients to put specific language in like does medical mean cosmetic surgery, does it mean dental, is education a four-year degree or is it a specialized training program? So you have the ability to actually specialize or specify these things in your trust document and most people don’t realize that they should.