Billy Beneficiary complained to his friend, Louie Lawyer, that his mother, Sally Settlor was not letting him have the wonderful cake she baked for him. Instead, Sally had given the cake to Tina Trustee, with strict instructions to only give Billy as much cake as he ought to have.
Ah! Said Louie, your mother has set up a Spendthrift Trust for you. You are very lucky!
Billy didn't see it that way. "I'm not a spendthrift! I wouldn't consume everything all at once!"
"Maybe not, said Louie. But what about Minnie Moocher?"
Minnie was Billy's roommate. She helped herself to anything Billy had, and generally used it up, lost it, or broke it. She also loved cake. Billy had experience with this. Once, when his mother had given him a piece of cake to take home to eat the next day, it had mysteriously disappeared. His mother had thought that was Billy's fault, but he knew it was Minnie Moocher.
"If you had that cake in your house, don't you think that Minnie Moocher would take it and give it to all her friends?"
"Yeah, I guess you're right," said Billy." If I had the cake in my possession, pretty soon I wouldn't have any cake at all."
The lawyer went on, "So you're better off not having your cake and eating it. Because if you had it, you probably wouldn't get to eat any."
Billy still didn't seem convinced.
'I still don't like it," he grumbled. "I don't like going to my Aunt. She always gives me lecture about how I shouldn't eat so much. And she gives me such a little slice! I think she's anti-cake. Why did my mother have to give the cake to her if she was going to give me such a hard time about it?"
"Look here," said Louie Lawyer, "why don't you let me take a look at this trust.
"What," said Billy, you mean, at the cake?"
"No, at the trust document" where your mother wrote down her instructions for the trustee."
"But I don't have it," said Billy. "Only Aunt Tilly has all the paperworik."
"Well, why don't you ask her to let you see it? Then bring it straight here to me. We'll see if we can't do something to make this situation work a little bit better for you."
Billy went to visit his Aunt. She was actually pleased, at first, that he wanted the paper instead of more cake. Billy Beneficiary and Louie Lawyer looked at the cake trust together. To learn what they found, and what they decided to do about it, Click here and subscribe to get the next delicious post!