Will they ever grow up?
CLIENT QUESTION:
Hi. We had our wills done by an attorney at your firm several years ago. I’m wondering if there’s a way to restrict my sons’ access to their inheritance until they reach a certain age. They are now ages 41, 37, and 36. They are adults and all are professionals. I’m concerned that one of them may not be saving for retirement. His spending habits now make me worry about what he might do with his inheritance. I am still working and we have a net worth of approximately 3 million. Thanks
MY RESPONSE:
For whatever reason, you have the right to leave assets in a trust for your beneficiaries. The trust can dictate the terms as to when, how, and if they should receive the money. The typical trust clause would say that the trustee has the discretion to use the income and principal for the health, education, maintenance, and support (HEMS STANDARD) of your beneficiary for some duration, such as until they reach the age of 25 or 30 or 35 or 65…at which point the balance would be paid out to them or at their death, it can be paid to someone else.
You are in control. Even after you create your documents, this can be changed in a Will or a Revocable/Irrevocable trust.
The appropriate language needs to be discussed on a case-by-case basis so make your appointment to see us as soon as possible.
I hope this helps. |