Pot Trust at Legal Glossary
What is it? A trust for children in which the trustee decides how to spend money on each child, taking money out of the trust to meet each childs specific needs. One important advantage of a pot trust over separate trusts is that it allows the trustee to provide for one childs unforeseen need, such as a medical emergency. But a pot trust can also make the trustees life difficult by requiring choices about disbursing funds to the various children. A pot trust ends when the youngest child reaches a certain age, usually 18 or 21.Law Definition Added By: Samantha
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