Will your beneficiaries use their inheritance wisely? Will they use it for a college education or properly invest it? Or will they spend it all in the course of a few years with little to show for it?
Many people have valid concerns about their spendthrift beneficiaries, minor children, and beneficiaries who may have limited money management experience. Are you concerned about the spouses of your beneficiaries misusing the inheritance, or worried that your beneficiaries will use the inheritance in a way that you do not agree with?
After you are passed away, do you have any control or influence regarding how the money is spent? The answer is yes, but only if you properly plan. Such planning will generally include creating a trust. The trust will hold assets for the benefit of your loved ones, and your loved ones will only be able to have the assets should the terms and conditions you set forth be complied with. If they do not comply with your terms, such as getting a four year college education, you can leave the money to a contingent beneficiary. You can also provide disbursements to your beneficiaries when certain milestones are reached, such as when a beneficiary reaches a certain age of maturity.
You can protect your minor children, spendthrift beneficiaries, and those with limited money management experience if you engage in proper planning.
Your visit with our elder law attorney in Belleville, Illinois, our elder law attorney in St. Louis, Missouri, or anywhere in the Metroeast, can help protect you and your family. Contact us for a free consultation to learn how you can ensure that your beneficiaries use their inheritance wisely.