It may be in your best intentions to leave behind assets and property for your loved ones, particularly minor children or adult children but what if these individuals are not well equipped to handle the inheritance of a large sum of money?
Financial experts suggest that no one under age 25 should be given an inheritance outright because they are typically not mature enough to handle such a large sum of money and to use it in an appropriate manner. Other individuals may be beyond the age 25 but are going through bankruptcy, considering divorce, or may be a spendthrift at heart.
These individuals are poor choices for passing on large sums of money. This is when a living trust can be a vital way to pass on property and money to those you care about while also protecting them from themselves.
A revocable living trust has been the primary tool for doing this for hundreds of years. This allows you to have some peace of mind about your assets and money being passed on and knowing that you’re helping someone for a long period of time. An estate planning lawyer can help you figure out how to make living trusts work for you.
