Any parent who wants to have control over how their children spend the money left to them as an inheritance needs a trust. Unlike a will, a trust gives people total control over their assets after their death. Those who believe their children are not responsible enough to handle all the money that will be left to them can schedule disbursements over their lifetime. Some people set these payment up to be given out on specified birthdays while others provide money after their children complete certain life events such as graduating from college or getting married.
Of course, a parent cannot account for every unforeseen event that might happen after they die. For this reason, trusts are flexible. A parent can assign an individual or a company to serve as trustee. The trustee must abide by the guidelines set by the trust. In cases where a parent wants to allow their children to get additional funds in an emergency, they can include that in the trust. If there are certain emergencies that they do not want to give their children money to take care of, such as bail if they are arrested, that can be included as well.
An Estate Planning Attorney in Bel Air MD might help people who want to set up this kind of trust make these types of decisions. The attorney may advise their client of the impact of the choices they make. For example, if they deny their adult child money for bail, they may have to spend a significant amount of time in jail waiting for a trial. It’s important for parents not to create these guidelines while they are angry at their children and to remember that young people tend to mature as they get older.
An Estate Planning Attorney in Bel Air MD, such as Michael S. Birch Attorney at Law might also help a client prepare other estate planning documents such as powers of attorney and a living will to help them get control over their assets as well as their wellbeing both before and after their death. There are several documents that can be used for this purpose.
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