Figuring out how to leave your estate to your loved ones can be difficult to do. You might be worried about fairness or having tough conversations about why you’re not leaving assets to someone who may be expecting you to do so, or you may be concerned about how inheritances are going to be used. Fortunately, the estate planning process can be tailored to address your concerns.
Using your estate to motivate your loved ones
One option that you have at your fingertips is the incentive trust. With this estate planning vehicle, you specify an amount that your named beneficiary will receive on a regular basis, but the bulk of the trust’s assets are withheld from the beneficiary until an identified triggering condition is met. This condition can be anything from graduating from college to getting married, having a child, or holding a full-time job for a specified period of time.
So, by utilizing one of these trusts, you can ensure that you’re using your wealth to motivate your loved one in a way that you think is beneficial to them. You can be creative here, too, which gives you a lot of control over how your estate will be handled.
Protecting your estate and your loved ones through sound estate planning
There’s a lot that goes into estate planning. We know the process can seem daunting, but our clients often find comfort once they know that they have a plan in place to protect their assets and their loved ones. So, if you’d like to feel that sense of relief and learn more about what the estate planning process can do for you, please consider reaching out to a legal team that is well versed in this area of the law.
