There are many different reasons why it’s imperative to consider flexibility in the estate planning process. First of all, life changes are more common now than ever before. With many people entering in second or even third marriages, providing for children from previous marriages and relationships is often a key concern. This can become an entangled and complex issue legally if you aren’t working with the right estate planning attorney.
Another reason to maintain flexibility is because older parents who may wish to pass on assets to adult children may also be concerned about the adult child’s ability to control that money.
This is why many individuals facing this uncertainty might set up a meeting with an estate planning attorney to talk about the benefits of using a trust.
Using a trust, parents can place their valuables into the trust during their lifetime, and have greater control over how these assets are distributed. This helps to protect against an adult child who may be a spendthrift or otherwise feel uncomfortable inheriting a large amount of money at once.
This gives the parents peace of mind that the money will be distributed appropriately and that it will reduce the chances of that adult child becoming out of control with his or her spending.
These are just a couple of the benefits of including flexibility in your estate planning. To learn more, reach out to an experienced estate planning attorney today.