MyTwoCents: 'This year, we did our taxes together for the first time, and I found out there was $300K in the trust fund my wife mentioned. I was stunned. That’s a lot more than I anticipated.'
Photo: George Marks/Getty Images My wife and I got married last year. I’m in my mid 30s, and she’s in her early 30s. During our relationship, she shared with me that she had a trust fund that could help us with a down payment for our first home, but she didn’t know how much money was in the account.
We currently put 20 to 30 percent of our income toward our savings and retirement. But knowing this new net worth, should that change? Technically, a trust fund is defined as a legal entity that holds property or assets on behalf of another person or group. As a rule, a trust must be managed by a third party, known as a trustee, who has a duty to make sure that the assets are properly looked after . And there are often strings attached — limitations on what the money can be used for, when it can be used, and who can use it. “Making sure you understand what the trust is set up to provide for is critical,” says Blackwell.
Of course, you won’t know any of this until you ask your wife more about it. So, your next step is to sit down with her and figure out how you want to approach money more generally in your marriage. This will be an evolving conversation, and one that you need to have regularly, says psychologist Shannon Curry, who frequently counsels couples on financial issues: “It’s important for both partners to address their goals for saving.
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