Corash & Hollender, P.C.
718-442-4424

Trust restrictions may help plan your loved ones' inheritances

You may have many reasons for wanting to utilize a trust or multiple trusts as part of your estate plan. This tool can offer many benefits from avoiding probate to protecting assets. You can even ensure that your family and other beneficiaries quickly and efficiently obtain their inheritances in the event of your passing.

Depending on the ages of your loved ones, you may have concerns about directly leaving assets to them, even through trusts. If you have such apprehensions, you may wish to consider adding certain stipulations to the accounts that may allow you to feel more comfortable with your decisions.

Age restrictions

Adding age restrictions to trusts commonly occurs, especially when young beneficiaries are involved. If you feel that a loved one may not have reached a mature age at which he or she could handle the inheritance you plan to leave, you can stipulate that he or she cannot have access to the assets in the trust until a certain age. Additionally, you could even stagger the benefits to allow more access or access to particular assets at different ages.

Educational uses

You may also hope that your young loved ones will continue their education in a positive direction. If you want to help them have the opportunity to go to the school of their dreams, you may stipulate that funds in the trust should go toward college tuition or used for textbooks or other related school supplies.

Along similar lines, you could use the trust as an incentive for individuals to work hard and get good grades. Once the milestones you deemed appropriate have been reached, those parties could gain access to the trust assets.

Healthy lifestyle promotion

If you have a loved one who may present concerns when it comes to his or her lifestyle choices, you could indicate that if he or she abuses alcohol, uses illegal drugs or carries out other negative actions, then the trust will remain restricted.

Realistic restrictions

When considering such stipulations for your trusts, you may want to remain realistic. If a loved one has a learning disability or otherwise struggles in school, despite best efforts, it may be unfair to withhold an inheritance until he or she reaches a particular grade point average. Therefore, you may wish to explore various trust restrictions and assess your loved ones' needs and desires as you create your trusts and other estate plans.

No Comments

Leave a comment
Comment Information
Arrange a Free Consultation Now ยป

Free Initial Consultation - Credit Cards Accepted

The secret to our success is that we care about our clients. Contact us online or call our law firm at 718-514-9512.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Visit Our Office / Connect With Us / Review Our Firm

1200 South Avenue, Suite 201
The Corporate Park Of Staten Island
Staten Island, NY 10314

Phone: 718-442-4424
Fax: 718-273-4847
Map & Directions

7317 13th Avenue
Brooklyn, New York 11228

Phone: 718-442-4424
Fax: 718-273-4847
Map & Directions

silawfirm.com

Leave a review

Review Us
Back to Top