Legal Question in Wills and Trusts in Texas
Check for infant child - ''held in trust''
A grandfather passed away leaving money to children and grandchildren. We have one child and check was made out to us and her. The check read ''held in trust'' for the child.
A)Can this money be spent by us (parents) for the child?
B)If so, are there conditions on what it is spent on?
C) If we have more children, is it possible to divide this money amongst all of them?
1 Answer from Attorneys
Re: Check for infant child - ''held in trust''
You'd have to take a look at the language of the will to see what was to be done. As a general rule the money is held in trust for the children alive at the time the devise was made.
You, as the natural guardians of the children, are the trustees of their trust. The money may be used for their health, education and welfare, unless limited by the terms of the will. But you also have the highest duty of faithfulness to the trust beneficiary not to fritter away or squander their trust.
If it's a large sum of money I'd suggest getting together with a reputable financial advisor as to how to best invest the trust funds for safety and growth.
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