Family Legal Center logo

Comprehensive Probate and Estate Planning Services.

Call us at : 412-843-0957

PLEASE NOTE: To protect your safety in response to the threat of COVID-19, we are offering our clients the ability to meet with us via telephone or through video conferencing. Please call our office to discuss your options.

We Listen With Compassion

We Listen With Compassion

How can you make a trust flexible?

On Behalf of | Mar 25, 2022 | Estate Planning |

When you make a trust to leave assets to one of your heirs, you likely have a goal in mind. You set the trust up in a way that can help to address that goal.

For instance, perhaps you know that one of your heirs may struggle to pay for their college education, but it’s very important to you that they get that education. You can create a trust that is only allowed to be used for educational costs.

However, when you’re doing this, you do want to think about making the trust as flexible as you can. What if something happens in the future that changes what your heir is even able to do? Maybe they would like to go to school, for instance, but they have been diagnosed with a serious disease and they cannot do so. Maybe they want to drop out of school to start a company, but they will lose the money in the trust if they do it. You need the trust to be flexible in some way so it can be adjusted in the future.

But how can you do it?

One way to do this is to make the trust very comprehensive and explain different situations in which the money can be used in a different way. But it may be simpler just to talk with a trustee that you know will follow through on what you want to happen with the money. You can give that trustee a certain level of discretion so that they can make decisions based on unforeseen events that may occur.

If this whole process becomes complicated, it’s certainly worth your time to look into all of the options you have and the steps you can take to create the right trust for your family.

Archives

  • Top-Rated-Lawyers-badge
  • Av-Peer-Review-badge
  • AVVO-badge
  • AVVO-Laura-Cohen-badge
  • Best Estate Planners in PittsburghSuper Lawyers Laura Cohen