So, here's another post about cake. I'm trying to be clear here, so I'm telling a silly little story. People sometimes tell me that stories help them understand things. I hope this helps. Here we go!
Sally Settlor made a wonderful cake. It was huge - think, sheet cake for an enormous party. It was going to be delicious. Sally didn't bake the cake for herself - she would never be able to eat that much cake anyway. She baked the cake for her son, Billy Beneficiary. Billy Beneficiary really loved cake. But Sally knew that, if she just gave the cake to Billy, he would eat it all at once and make himself sick. Sally herself wouldn't always be there to make sure Billy didn't overeat. Who could she trust?
After thinking about it carefully (perhaps with the help of her lawyer) Sally decided to give the cake to her sister, Tina Trustee, with strict instructions to give Billy only as much cake as would be good for him.
Now Sally was happy about this arrangement. She was providing for Billy's best interest. Tina was happy, too.
You know who wasn't happy about this setup? That's right - the person it was created to benefit in the first place - Billy Beneficiary. Billy thought he was old enough to manage his own cake. He didn't appreciate having to go to his Aunt to get cake.
Billy complained to his friend Louie the Lawyer. Do you want to know what Louie said that made Billy decide that the trust was a good idea? Click here and subscribe to get the next delicious post!