Serving the Cleveland Area since 1994

Serving the Cleveland Area since 1994

  1. Home
  2.  » 
  3. Estate Planning
  4.  » How do you protect your child’s inheritance with a trust?
FindLaw Network

How do you protect your child’s inheritance with a trust?

On Behalf of | May 27, 2022 | Estate Planning |

As a loving parent, you want to protect your children through careful and deliberate estate planning.

However, you also wish to protect your legacy. If you have concerns about your children’s ability to manage your assets after your passing, then you can establish conditions through a trust.

What are the reasons for needing a trust?

  • Due to age or immaturity, you do not feel confident that your child can manage a large sum of money
  • Your beneficiary carries significant debt from lawsuits, medical bills or tax levies that will eat the inheritance without improving his or her financial situation
  • Your child is in an unhealthy relationship, and you worry about bad actors having access to the inheritance funds
  • Your child has an addiction to gambling, drugs or alcohol, and you do not want him or her to squander the inheritance
  • Your child receives state benefits which he or she could lose upon getting an inheritance

Who oversees your estate?

Through clear and thorough estate planning, you remain in charge of what happens to your assets. You get to designate your beneficiaries as well as your trustees, and you can attach strings to any inheritance you may leave behind. Depending on the type of trust you choose, you can stipulate that your heir receives payments rather than a lump sum. You can dictate that the money is for college tuition only or that your beneficiary must be clean and sober to access funds.

You have worked hard all your life to leave something of value for your loved ones, and you deserve the peace of mind knowing your efforts are not in vain.

FindLaw Network