My story is set in the state of California. MC’s father left her a trust before he died. Basically, without bogging the reader down in too many details, I need to know what sort of Trust would work for this scenario. I have done the research (even looked through my textbook from when I took paralegal classes) but I need more specific information than what I am finding. This are the features I want in the Trust:
Grantor owns a major corporation and started the Trust before his death 20 years ago. One of the company atty’s acts as trustee. After grantor’s death, profits from the company continue to go into the trust, building the funds slowly over time. At some point, the beneficiary is able to borrow against the trust. Beneficiary is able to have complete access to the trust when she turns 22.
I am thinking a Testamentary Trust would work for this (or maybe even a Spendthrift Trust), but still not sure?
Grantor owns a major corporation and started the Trust before his death 20 years ago. One of the company atty’s acts as trustee. After grantor’s death, profits from the company continue to go into the trust, building the funds slowly over time. At some point, the beneficiary is able to borrow against the trust. Beneficiary is able to have complete access to the trust when she turns 22.
I am thinking a Testamentary Trust would work for this (or maybe even a Spendthrift Trust), but still not sure?