sfosteredi
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- Joined
- Jul 25, 2011
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- 18
Re: Michael's mom reported missing /TJ temp Guardianship/Grandma's Home
This is a re-post:
The children's shares will be held in separate trusts also with John Branca and John McClain serving as Co-Trustees. Until each child reaches 21, distributions are left in the complete discretion of the Co-Trustees. At 21, each child will receive all of the net income from his or her own trust and principal if the Co-Trustees determine that the net income is not sufficient to provide for the child's "reasonable care, support, maintenance and education." Each child will receive 1/3 of the remaining trust principal outright at 30, another 1/2 outright at 35, and the remaining balance outright at 40. In addition, the Co-Trustees are given discretion to accelerate principal distributions if a child is in need of funds to buy a home, start a family, or start a business.
So nothing will happen until each child turns 21 and even then they have really limited access. I am glad Michael set it up this way. Prince (and Paris) need a chance to be a teenager, enjoy having friends and going out, go to college and study business or law ,etc. before taking over the running of their fathers estate.
Ivy, I have a question. When Prince turns 18 isn't he then allowed a more say so in the estate and its executors? If true maybe that is why they are moving so fast because in 3 short years Prince will be 18 and they won't be able to say a thing!
This is a re-post:
The children's shares will be held in separate trusts also with John Branca and John McClain serving as Co-Trustees. Until each child reaches 21, distributions are left in the complete discretion of the Co-Trustees. At 21, each child will receive all of the net income from his or her own trust and principal if the Co-Trustees determine that the net income is not sufficient to provide for the child's "reasonable care, support, maintenance and education." Each child will receive 1/3 of the remaining trust principal outright at 30, another 1/2 outright at 35, and the remaining balance outright at 40. In addition, the Co-Trustees are given discretion to accelerate principal distributions if a child is in need of funds to buy a home, start a family, or start a business.
So nothing will happen until each child turns 21 and even then they have really limited access. I am glad Michael set it up this way. Prince (and Paris) need a chance to be a teenager, enjoy having friends and going out, go to college and study business or law ,etc. before taking over the running of their fathers estate.