Ask an Estate Law Question, Get an Answer ASAP!
Under VT law and the law all across the US, you have the absolute right to specify who receives your money in any manner that you want to do so. Under these circumstances you would not need a second trust. You simply need to write the trust up with the exact instructions regarding who are the primary beneficiaries and then who are the secondary beneficiaries in the event that the primary beneficiaries are unavailable or pass away before the trust has been distributed. My suggestion here is that you name secondary beneficiaries in ALL of the cases for ALL of the recipients -- that way it will not appear that you have singled out this particular person and in addition to this, you should be sure that you name someone other than the spendthrift parent as the trustee of any monies that the secondary beneficiary children get from the trust if the primary beneficiary is deceased or not available to receive the funds -- if it is your intention to keep the funds from the hands of the spendthrift parent, then you do not want a court appointing him/her as the trustee of any funds that would pass to the children as secondary beneficiaries in this case. I also strongly suggest that you hire an experienced estate / probate attorney in your area to write this trust up for you so that you can put in exactly what you want to do for each beneficiary -- how the money is to be paid out (you can even have different beneficiaries paid out in different manners -- some in a lump sum and others in staggered payments if that is what you desire to do), who inherits in the event of the death of the primary beneficiary and who is the trustee of any funds for any minor secondary beneficiary in the event that the primary passes away before the secondary child beneficiaries reach adulthood -- you want it written properly so that it cannot now and can never be challenged (you should also have it convert to an irrevocable trust in the event of your death and then that way it can not be challenged that the money remaining in the trust is now part of your overall estate).
To find an attorney to write this up for you, you should contact the Vermont bar association -- they have an attorney referral service on line and you can ask for attorneys in your county who handle these trusts and estate issues as a matter of specialty. You can speak with a few of the referred attorneys and then proceed from there to choose an attorney who will set up the manner in which you want this trust administered on paper.
Please let me know if you have any questions.
Please press the 3rd, 4th or 5th smile face below so I will be paid for my time. I am paid NOTHING unless you press a positive rating below. Pressing the 3rd, 4th or 5th smile face below will NOT cost you any additional money -- it simply acts as a trigger to Just Answer to pay me for my time. THANK YOU VERY MUCH !!!
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).