if you have trusts set up for Skids, who is trustee?

Holly_1007

part of DH's divorce agreement states that he (and BM) each have to have a $200k life insurance policy in the other persons name in the event of their death. 

This is literally all the wording there is. so pretty much if DH dies, BM gets $200k. if she dies after receiving the money, whoever she wills the money to (prob her DH) would get it, and would be able to do whatever BM had designated with it (not necessarily use it for SD)

since we are already going back to court we are looking at modifying this so that the $200k would be set into a trust account for SD.  child support would be paid weekly at the current rate, and with approval from the trustee money could be taken out for certain things and then the lump would be put towards SD's college or something. 

not even sure BM would go for putting the money in a trust.  should we let her pick who the trustee is? (and then we will pick who the trustee is if she dies?)  should DH put me as the trustee on his account?

what do you guys do with trust accounts for your kids??

sabrina69barnes

DH doesn't have to do anything like that according to the CO but we plan on setting one up for all of the kids after LO gets here. BM won't ever even know about it unless something happens to DH. We have decided that my dad will be the trustee. He is very financially responsible and the only person we are close enough too that hasn't had some sort of money problems. He is also the only person we know that could make an unbiased decision about what things money could be taken out for and not let personal feeling for BM get in the way.

Ilumine

Because you have a precedent set, the best you can do is set up a trust. You should check with your bank/money management co. To see if you can get an impartial trustee.  Then just set up very clear rules for the trustee to follow. 

We originally had a trust, but with our SBP for just the kids ($2,300 a mo. to be split between the two until 18 or 22),we don't have controll or need to worry about BM per se. SS gets GI money for school and money for support. He is covered. 

All of the life insurance and savings goes to me and me alone. I will follow DHs request and give each their inheiritance when they turn 25. Since its not a lot...it won't fall under a trust and I since BM lost/stole the SKs $23,000 inheritance from their grandfather...she is not to be trusted. If she knew that there was money, she would try to fight. But DHs will is iron clad.   

emikat

We have it set up so the SS is the primary beneficiary and BM is the trustee and vice versa for her insurance (DH is the trustee).  This is because that is how it's stipulated in their divorce decree.  All other accounts that we make I'm the trustee.  

socloudy99

Our isn't C/Oed but if H passes away everything goes to me and I know his wishes for his children. If we both pass away everything goes to my mom. We can trust she will follow our wishes.

As the kids turn 18 (the first one is in 1.5 years AHHHH) they will each get 25% directly to them. The remainer will go to myself or my mother for the minor children. We haven't spent enough time learning about trusts and didn't want the kids locked out of the money if they really needed it. The situation will go away once they are adults.

SusanH.

DH and I have a trust set up for his son.  His sister is the trustee. ( no way in heck we would let his ex be the trusee!!)

Anyway, his sister would see that he receives his education and then after that any money remaining ( this is a large trust) would be distributed in parts.  At age 25, age 30 and age 35. 

FutureMrsWittig

If anything happens to DH his money goes into two trusts, one for each child.  I am the trustee.  If anything happens to me my brother is the successor trustee.  This way if something happens to DH BM isn't likely to try and take SD away from me (at least not completely) because I will have the money and the means to care for her.  My brother is responsible and I completely trust him to do what's best by my SD, and get along with her mom the best he can if I'm not around.

danac2010

DH has a trust set up for SD and DD.  If anything happens to him the money gets split between the 2 trust 50/50.  I am the trustee.  If anything happens to both of us SD get 40% DD gets 60% because SD will still have BM and DD lost both parents.  My sister is the trustee if we both die.  I don't have anything set up yet but we are working on getting it all set up.  Right now I have life insurance that all goes to DH or my mom if DH isn't around.

CFjo2010

My husband and I have a joint Trust set up, and there isn't a CO that requires either of us to do this.  Our Trust allows that 1/2 of his Life Insurance goes directly to me, and the other 1/2 is split 3 ways between our children.  My Life Insurance will work the same way.  We designated his brother to be the Trustee.  Whatever the current CS amount is at the time of my husband's death will be paid directly to BM each month from the Trust until K is 18.  Any and all educational expenses for the 3 kids will be paid directly to the schools, not to BM or the kids.  Also, the Trust will maintain the children's health insurance.  Once the children turn 25, they will receive their respective portion of the Trust.

ldmessing

everything goes to me, to distribute to the sk's as I see fit.  no way would we leave money to minor children their mother would just blow it