Top Estate Planning Lawyer Fred Haiman, founding partner of Haiman Hogue in Frisco, TX outlines best options to adopt to ensure cash assets are not squandered when you die. For more information please visit https://www.haimanhogue.com
Frisco, TX United States - June 19, 2023 —
Parents have a number of legal options available to ensure an inheritance is not squandered by a child when they die, advised Fred Haiman, founding partner of Haiman Hogue in Frisco, TX.
For more information please visit https://www.haimanhogue.com
The Estate Planning & Elder Law Attorney said setting ground rules out in writing in a well-drafted Trust would guard against the child's bad future financial management and offer the parent some peace of mind.
Haiman said most parents who have this concern opt to create a trust, instead of a will, and appoint a trustee to oversee the release of their assets. "A parent could establish a trust that dictates when money is released in pre-arranged installments to control the outflow of funds over a period of time," he elaborated.
Another option is to state what the money should be spent on rather than allowing it to be wasted away. Another option is to set up an incentive trust geared towards rewarding good behavior. He said: "A well-drafted trust allows you to arrange disbursement of inheritance as a reward for things like attending college, getting a job or staying off drugs or alcohol."
Sometimes it’s advised that appointing a professional trustee rather than family and friends, would shift decision-making power out of the family and solve any awkward issues.
Haiman added: "Having a trustee who is a family member might be tricky as the trustee will have the decision-making power to give your child access to the inheritance. This may be too much responsibility, so a professional trustee is sometimes preferred."
Lastly, there is always the option to cut children or other family members out of the inheritance altogether. He commented: "If a parent wants to disinherit a child or anyone else in the family, and leave them nothing, the trust or will document needs to identify the person by name and specifically state that this disinheritance is intentional. This way there’s no argument that the disinheritance was simply an oversight. There’s no requirement that a reason for the disinheritance is stated, but some clients want to add this for additional clarification."
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Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469-529-5502
Website: https://www.haimanhogue.com
Release ID: 89099806
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