Trustworthy
By Ty McDuffey
November 19th, 2024
Estate planning for an irresponsible child is a lot of work. You have to manage an uncomfortable family situation, all while keeping track of scores of important documents and letters.
If you’ve been thinking about your estate plan recently, you probably already have a solid sense of whom you want to inherit your estate. You may wish for it to be left to your children or grandkids. If this is the case, you may be concerned that leaving a substantial amount of money to them could damage their long-term well-being. Fortunately, estate planners may exert influence over how heirs spend their inheritances.
Key Takeaways:
- A no-contest clause can protect your will and disinherit contentious family members.
- Stipend inheritance payments can be made using a properly formed continuing trust that identifies a suitable successor trustee.
- A spendthrift provision can restrict a beneficiary’s interest in trust assets from being transferred to irresponsible heirs.
