Typically, a will provides that a person’s assets will be distributed to his or her children upon that person’s death. If a Beneficiary Trust were used instead of a Will, the inheritance can be protected from the ex-spouses or creditors of the beneficiary. With a Beneficiary Trust, the beneficiary can control his or her inheritance and decide how the inheritance is invested. The beneficiary also gets to decide how and when it is spent. But, if the beneficiary were to get a divorce or get sued, the inheritance belongs to the Trust, and not the beneficiary.
In many cases, a Beneficiary Trust can be a helpful tool to help your children to receive their inheritance while keeping it protected. There are, however, some limitations to the protection a Beneficiary Trust can afford, and the decision to make a Beneficiary Trust should be based on your specific situation. A qualified estate planning attorney can help you go through your specific needs and see if a Beneficiary Trust would be best for you, your estate and your loved ones.
For more information, or to schedule your free consultation, contact our office today at 888.222.1328.
Contributed by MH Flagstaff, Cave Creek and Phoenix Estate Planning Attorney West Hunsaker.
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.