When it comes to estate planning, many people focus on creating a will to distribute their assets after they pass away. However, a will may not be sufficient to ensure that your assets are distributed according to your wishes, especially if you're concerned about control from the grave.
Control from the grave refers to the idea that you may want to exert some control over your assets even after you pass away. For example, you may be concerned about your children inheriting all of your money with access immediately, or you may want to ensure that your assets are used for a specific purpose, such as funding a grandchild's education.
One way to address these concerns is through the use of a trust. A trust is a legal arrangement in which a trustee manages assets on behalf of beneficiaries. Trusts offer several advantages over wills, including the ability to:
- Provide for minor children or dependents who may not be able to manage assets on their own
- Protect assets from creditors or lawsuits
- Minimize estate taxes
- Ensure that assets are used for a specific purpose or over a specific period of time
- Maintain privacy, as trusts are not public documents
By creating a trust, you can exert some control over your assets even after you pass away. You can specify how the assets should be used, who should manage them, and when they should be distributed. This can provide peace of mind and ensure that your wishes are carried out.
It's important to note that creating a trust requires careful planning and documentation. You'll need to work with an experienced estate planning attorney to ensure that your trust is properly drafted and that your wishes are reflected in the trust document.
In conclusion, trusts are a powerful estate planning tool that can provide control from the grave and ensure that your assets are distributed according to your wishes. If you're concerned about your assets and how they will be managed after you pass away, consider speaking with an estate planning attorney to discuss your options. Don't wait until it's too late to create a plan that reflects your wishes and protects your assets for future generations.
This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation. Ballast Financial, LPL Financial, and Private Advisor Group do not provide legal advice or services.