Creating an estate plan is a custom process that takes into account family, finances, goals, age, and specific wishes. See our blog on unique planning. We are often asked if a plan can leave money only for education, or money to take care of pets. Each situation is different and requires different terms and provisions. Part of these plans are often sub-trusts created in the Will or Living Trust. These trusts are only created upon death and are separate trusts created for a specific purpose. Some of the more common sub-trusts we create are:
Pet Trusts
You may consider your pet your child, or a pet may be a big part of your family. Either way, making sure any pets that survive you are taken care of is important. We can create a trust as simple as directing who is the caretaker of the pets to elaborate trusts that lay out specific terms for care, maintenance, and money.
Residence Trusts
Couples who live together and share a home, married or not, often want to assure that the surviving partner can continue to live in the shared home after they pass, but want to be sure the property will then pass to their children, family, or other beneficiaries. The terms of a residence trust can be as unique as you want. Whether the surviving partner pays something, or nothing, is completely up to you. Similarly, defining what ends a residence trust is unique to each situation.
Education Trusts
Creating a single trust to hold money for children or grandchildren to use until they complete their education assures that older beneficiaries and younger beneficiaries have equal opportunity to pursue their education. Commonly, education trusts last until the youngest beneficiary in a group (i.e.- all grandchildren living at the time of death), reaches a specific age or all attain a degree. Again, these trusts can be as unique as you wish.
The trusts above are some of the most common examples of sub-trusts we draft, but with a custom estate plan, Grissom Law can create any term, provision, or trust to achieve your goals. We understand that each client’s situation is different and every person has distinct goals. Our job is to listen to what you want to achieve and then draft the right kind of plan that achieves it. At Grissom Law, we take the time to get to know you, your family, your needs, and your goals so that we can create a comprehensive plan that works best for your situation and meets the needs of your family.
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.