How Do I Fill Out a Mutual Will?
Full Question:
Answer:
Field 37 provides for the age of the youngest child in order for the assets to be managed under a trust. In any of the remaining children are under the age in field 37, assets will be transferred to a trust. Field 38 deals with the age of a specific child. As each child reaches the age in field 38, they may begin receiving distributions from the trust. Field 39 deals with the age of the youngest child. Field 39 specifies when the trust will be terminated, which will be the specified age of the youngest child. The ages may be any age you specify. In some cases, a parent may specify an age older than the age of majority, such as when the child has difficulties managing money and the parent seeks to protect spendthrift ways from dissipating the funds.
When naming another in a will, it is important to be as clear about the identity as possible. If a person is named in their individual capacity, such as by the person's name only, it does not indicate that the person is acting in an official capacity as a trustee. In order to have someone receive property to be managed through a trust by them as a trustee, the person should be named in the capacity of trustee, such as John Doe, Trustee. If it is possible that the trustee named in a trust may change, such as when successor or alternate trustees are named in a trust, a more general reference to the "Trustee of the Doe Family Trust" may be used.