Liz CA Posted July 12, 2012 Share Posted July 12, 2012 would you be a tad worried? A deceased family member set up a trust for his nieces and nephews. My ds is the youngest child and the trust is being disbursed now. Within a month or so he will be in possession of a nice chunk of change...and I am ambivalent about a young person having this kind of money. The trust was set up for educational purposes. Thank God, so far, dh and I have been able to pay for community college and this money was to be used for the next step to a 4 year university and - if enough - beyond if needed. Should I - could I legally still make sure this money can only be spent for education or downpayment for a home as intended by our uncle? Ds is 21 and my gut says, he needs to manage it and I need to take a huge step back...but watching from the "backseat" can be hard. My ds is usually very good with his money and has a fairly robust savings account for his income but I am wondering what can happen to a young person when they suddenly come into a larger sum of money. Quote Link to comment Share on other sites More sharing options...
momofkhm Posted July 12, 2012 Share Posted July 12, 2012 If he is 21 and it's in his name, I don't see how you can really do much more than make suggestions. :iagree: The only exception I could see is if it's "held in trust until age x" and then you are named as an executor or whatever its called. Quote Link to comment Share on other sites More sharing options...
Mommyof4ks Posted July 12, 2012 Share Posted July 12, 2012 If he is managing his money well, then I would just ask what he intended to do with the money and help him look long term, but I would not worry about it. At 21 dh and I had a nice amount in savings, and we would have used a nice chunk of change to buy a house if we had received it. We did not have any clue about money when we married, so we learned quickly, so if your son has had some training, then trust him to make wise choices. Quote Link to comment Share on other sites More sharing options...
Liz CA Posted July 12, 2012 Author Share Posted July 12, 2012 If he is managing his money well, then I would just ask what he intended to do with the money and help him look long term, but I would not worry about it. At 21 dh and I had a nice amount in savings, and we would have used a nice chunk of change to buy a house if we had received it. We did not have any clue about money when we married, so we learned quickly, so if your son has had some training, then trust him to make wise choices. He has been managing his money fairly well - has never asked us for help since he moved out. Since the trust is being dissolved, he will be deciding what to do with it. I just hope he makes a good decision. ;) Quote Link to comment Share on other sites More sharing options...
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