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Planning For Her Future - Without You


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There's a lot you can do if you set up a trust fund.

 

But in the end someone can still piss away the trust money. I am going through this now as my kids' grandmother left a substantial trust that was supposed to be for their college. Guess what it's not being used for? :)

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Citizenship in a better place.

i would say that indicates one should be more discerning when choosing a life partner.  there's an old saying..."if one goes looking in the dump they are going to find trash",  so perhaps some people

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But in the end someone can still piss away the trust money. I am going through this now as my kids' grandmother left a substantial trust that was supposed to be for their college. Guess what it's not being used for? :)

Blame the trustee, not the children.

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Blame the trustee, not the children.

Definitely not the kids fault in this instance. My only point is that despite our best plans after we are gone we have little control. I will just do my best and hope it's appreciated.

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before my mother passed she asked her sister to be in charge of her will ... her sister my aunt agreed ed well soon my acct. sister started bitching and moaning as she had placed her name in the bank accts as Pud ... person to collect on death.. so my aunt threatened to go to court so my sister and my aunt figured it out... my sister would keep 60 % plus of the money and my aunt received 25,000 us for her 2 weeks time...   as for me i worry about my children more then my wife ////   so the breakdown was two sisters received almost 50 each i did not need the money but took 20 for my two children ... and my aunt received her 25, and my account sister well she keep about 200.000... 

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mikewright

Blame the trustee, not the children.

 

Or possibly the terms of the trust deed.

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But in the end someone can still piss away the trust money

 

Not if you do it right.

 

You can make any stipulation you want in a trust:

 

Go to college or you don't get anything.

 

Go to college and get good grades or you don't get anything.

 

Trust can even be paid directly to tuition and nothing else.

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Davaoeno

Not if you do it right.

 

You can make any stipulation you want in a trust:

 

Go to college or you don't get anything.

 

Go to college and get good grades or you don't get anything.

 

Trust can even be paid directly to tuition and nothing else.

 

I assume you are talking about trusts set up in the Philippines?  Who administered the trusts that you are familiar with ?

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My reply was to davewe who lives in America.

 

Regarding trusts in the Philippines, I already asked that question but no answers.

I have a friend who wrote a book this year about the death of her and her husbands 4 parents. A very sad tale. The entire family fought over every parent's money and possessions. Despite the best efforts of all the lawyer/trustees, etc. not a single parent ended up with his or her wishes being completely met, and more importantly the entire family was pissed at each other and did whatever money grabs they could before and after the deaths.

 

I apologize for dragging a good question down the dumper.  My only point was that despite your best efforts and the best efforts of all the lawyers a rich kano can afford, sometimes (maybe even most of the time) it doesn't exactly work out. This doesn't mean you shouldn't try, just don't assume it will happen exactly as you thought. 

 

As for me, unless I die soon me and my vast fortune will be in the Philippines. I certainly will work with my wife to express my wishes (and once again engage my shyster, I mean lawyer, to assist). But in the end I'll be dead and she will do what she wishes. Since I can't control her now, I have no delusions about controlling her beyond the grave :)

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I have a friend who wrote a book this year about the death of her and her husbands 4 parents. A very sad tale. The entire family fought over every parent's money and possessions. Despite the best efforts of all the lawyer/trustees, etc. not a single parent ended up with his or her wishes being completely met, and more importantly the entire family was pissed at each other and did whatever money grabs they could before and after the deaths.

 

I apologize for dragging a good question down the dumper.  My only point was that despite your best efforts and the best efforts of all the lawyers a rich kano can afford, sometimes (maybe even most of the time) it doesn't exactly work out. This doesn't mean you shouldn't try, just don't assume it will happen exactly as you thought. 

 

As for me, unless I die soon me and my vast fortune will be in the Philippines. I certainly will work with my wife to express my wishes (and once again engage my shyster, I mean lawyer, to assist). But in the end I'll be dead and she will do what she wishes. Since I can't control her now, I have no delusions about controlling her beyond the grave :)u

I checked out the Will route and found it to be very complicated. It brings into question probate, inheritance tax etc.etc. I went the deed of donation mortis causa route. Of course one cant do much about trust issues with it. One can only teach about money management and hope they will get it right and not break into a nest egg that could ensure their security for most of their lives if its handle right.

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KennyF

 

 

One can only teach about money management and hope they will get it right and not break into a nest egg that could ensure their security for most of their lives if its handle right.

 

The best of British luck to you.

 

KonC

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I'm shocked at all the guys who make their wives obtain car/house titles upon their demise.

Many have separate checking accounts and fail to even add them as beneficiaries. 

Isn't sharing, preparing and learning an enjoyable and everyday thing? 

All love logically includes a tragic ending.  Why not have a plan?

 

It's provokative to see widows walking around malls in short skirts. 

Wealthy due to US laws or the great Balikbayan scheme. 

 

One could run away for a while to let the wife practice a 'Death Drill'.

At the risk of being crematee upon return.    

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RogerDuMond

One thing that my wife and I have done is to setup power of attorney for each other.

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One thing that my wife and I have done is to setup power of attorney for each other.

I was also considering the same, however I realised that there was a reasonable chance that we could both be incapacitated together. For that reason, I have an endearing power of attorney set up instead with my trusted solicitor in Australia. He doesn't ride motorcycles with me.

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angbumabasa

Whole and Term Life Insurance. Nothing presently owned in my name, all in hers. OPM retirement equals 55% to her upon my demise. Written instructions on what to do when I kick the bucket.  

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