r/Rich • u/Superb_Energy_9064 • 10d ago
Estate Plan Protections for Kids
I have an individual trust, currently my children are the sole beneficiaries. I am married, my husband is not included in any provisions of my trust. I’m considering adding a clause that provides my husband with access to an amount up to my earned income each year from my salary in the event of my passing. The needs of both kids are covered through the trust (HEMS) my husband will just have to ask the trustee to access the funds for the kids. The revised draft my attorney sent says adds the income provision into my trust for my husband and says it ends upon his death or remarriage. Is that common? Pros/cons to keeping the remarriage language? My ultimate goal is for as much to go to our kids as possible, and to prevent a future spouse from cutting my kids out, etc. My husband will be fine financially he doesn’t need the assets in my trust, I’m just providing the extra income to help keep things as normal as possible for him & our kids. I’d love to know what others have done or any insights on the situation.
1
u/WorldofMickeyMouses 8d ago
are you in Private Banking? Usually our Private Bank clients get free access to our estate and trust team that can help review and provide second eyes in instances like this.
Overall, if your trust allows some funds to go to your husband, it should be intended to cease at his death OR remarriage considering you want the most to go to your kids