Advice About Bloodline Trusts Please.

Hi folks, regarding this quote from here, The Benefits of Bloodline Trusts – Special Report | Begley Law Group

What happens if the child has no children of his own?

Would it go to his Niece or Nephews, or?

Thanks.

 

Bloodline is a trademarked term, it is not a form of trust but a general description.
To answer this question you would have to look at how the deed is drafted.

 

Read the trust deed. Bloodline trust is a trade marked term - legacy trusts, lineal descendeants trust - all referring to the same concept.

The ones I have seen go to the estate - but each one is different.

Legacy Trusts

 

Thanks for that, there is no deed at this stage, will need to get 90 year old parents to a solicitor.
They fear an attack on the one unmarried childless son who suddenly seems to have acquired a "family".

 

Play safe.

Before you go to the solicitor, get a medical certificate to state that your parents are of sound mind and capable of understanding documents they will be required to sign.

I do not mean any disrespect. But better to clear up any issue of competency now rather than face a possible problem later.
Marg

 

If it is a will the assets will likely revert back to the estate and then go to the residual beneficiaries.

BTW just because the only beneficiaries are blood members of a family doesn't mean their spouses can't attack the trust or can't get control - they could.

 

Thanks again Terry and Marg, we will seek legal advice.
Regarding the "sound mind", we will also get that sorted and I think they'll pass with flying colours.

They are both still living in their own home, looking after themselves, shopping, paying bills etc on time, and still driving locally. (having passed the requirements put in front of them)

They are doing really well for their age, just don't need the worry of one of their kids getting done over.