Question: My client wants to leave his IRA to a trust for his children. Each child's share would be used for such child's care, education, comfort, and support until the child reaches age 30, at which time the child would take control. If a child dies before age 30, his/her share would pass to his/her issue if any, otherwise to the other children's shares.
I told the client he needed to name a "wipe-out beneficiary" in case all his children were to die without issue while there is still money in this trust--a most unlikely event but one which nevertheless must be covered in the trust. The client said in that case the trust should pass to his "heirs-at-law."