When you have minor children, children who are just reaching their adult years, or a new spouse, you want to know the best way to include them in your estate plan. One way to provide for your children and ensure their inheritance lasts as long as possible is to create a Trust for their benefit, sometimes referred to as an Inheritance Trust. If your child is a minor, has a disability, or is just reaching adulthood, it may be to their benefit to name a person you trust as their trustee.
The person you name as trustee of an Inheritance Trust will be able to manage and control your child’s monetary distributions. They can help extend the life of your child’s inheritance by helping them make responsible choices. You can leave instructions for the trustee to make regular distributions, or you can leave instructions for your child to take control of their inheritance when they reach a particular age or milestone.
Establishing an Inheritance Trust can also help your child protect the assets you have left to them from creditors or in the event of a life-changing event like a divorce. It can also help ensure that in the event of your child’s demise, those assets pass to their children – as opposed to their spouse – or that they are divided among your remaining children.
An Inheritance Trust can also be of great benefit if you have remarried. It’s an easy way to leave specific assets to your new spouse and to have a say in where those assets go if your new spouse remarries or passes away before the assets are exhausted. The Inheritance Trust your attorney helps you establish can ensure that after the death of your new spouse, your assets return to your children and grandchildren.
A Trust is an important tool that allows you to leave a legacy that provides for your beneficiaries, provides protection of the assets and allows you to provide rules for the distribution so that the assets go where you want them to go. Schedule a consultation with an attorney at Grissom Law, LLC to start creating your estate plan today.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.