Redlands, California, United States - May 2, 2022 —
If you believe children will blow your inheritance in one go, future-proofing it is the solution, Estate Planning Attorney R. Sam Price disclosed this week.
For more information please visit https://pricelawfirm.com
In an interview, Mr Price the Founder of Price Law Firm, APC, in Redlands, CA, raised the potential answer when quizzed on options to protect cash assets and ensure they are not squandered after you die.
Clarifying rules, creating a trust and appointing a trustee will help guard against bad future financial management. Mr Price elaborated: "You could establish a trust that releases money in pre-agreed instalments to control the outflow of funds over time. You dictate when instalments should be paid, whether monthly, quarterly, annually or every five years.
“Equally, you could state what the money should be spent on rather than allowing it to be frittered away."
Appointing a trustee, ideally, someone in a professional capacity rather than family and friends, would shift decision-making power out of the family and solve any awkward issues. He added: "You can put your inheritance in a trust and appoint someone who would act as a trustee to make financial decisions on behalf of your child who would be the beneficiary.
"However, a trustee who is a family member to preside over your trust might be tricky as the trustee will have the decision-making power to provide your child with access to the inheritance. This may well be too much responsibility, so a professional trustee is a preferred option."
An incentive trust is geared towards rewarding good behavior. He said: "You could arrange payment for something towards attending college, getting a job or staying off drugs or alcohol."
The nuclear option is to cut children out of the inheritance altogether. Mr Price added: "Disinheriting a child means you are not leaving them anything in your will. Clarify the child's name you don't want to leave inheritance to and that it's intentional. In other words, you're not required to state your reasoning."
source: http://RecommendedExperts.biz
Contact Info:
Name: Sam Price
Email: Send Email
Organization: Price Law Firm, APC
Address: 300 E State Street, #620 Redlands, CA 92373
Phone: 909-328-7000
Website: https://pricelawfirm.com
Release ID: 89073570
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