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90% of Trusts Fail to Properly Provide for Survivors; Top Ten Errors
One commentator suggests that, of the 4 million trusts established each year, 90% fail to properly provide for the surviving spouse and children. That's because the grantor was unaware of important options to include in their trust documents. These are the rights in the trust:
- To state the annual income that the surviving spouse is to receive;
- To provide how funds are to be invested;
- To change the state controlling the trust;
- To provide for travel and living expenses;
- For the spouse to obtain an additional sum per year for unforeseen expenses;
- To provide for appropriate residential needs;
- To provide funds for the children;
- To change the method of payment to the heirs;
- To change the share each heir will receive; and
- To exercise intelligent judgment in the distribution of trust assets.
Source: Investment News, July 17, 2000
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2008 Advocate Capital Management, Inc. except where noted. All rights reserved.
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