Trust For The Benefit of The Minor Children
Here you will appoint a trustee and alternate trustee for a trust(s) that will be established upon your death, if your children are minors at the time of your deaths. You may want to consider whether or not you would like the guardian you appoint to also serve as trustee.
The Trustee’s Duties: The trustee will convert to cash all debts and securities that are not qualified legal investments, will reinvest cash in proper securities, and will protect and preserve the trust property. The trustee will hold the trust property for the benefit of the child(ren) and may distribute the income or principal of the trust as the trustee deems necessary to provide for the child(ren)’s health, education, maintenance, and support.
The Trustee’s Authority: The trustee will have the authority to hire accountants, agents, attorneys, investment advisors, tax advisors, and any other professional that is reasonably necessary to administer the trust and manage the trust assets.
General Administration of the Trust(s): Any child’s interest held in trust is nontransferable by either voluntary or involuntary assignment or by operation of law. All interests will remain free from claims of creditors, attachment, bankruptcy, execution, or any other legal process to the fullest extent permitted by law. As permitted by applicable laws, the trustee will serve without bond and will administer the trust at his/her discretion, independent of court supervision to the maximum extent permitted by law. The trustee may receive reasonable compensation for his/her services.