One of the biggest advantages of estate planning is it is flexible. An experienced estate planning attorney can create a plan that is unique to your circumstances and needs. One common concern people have is that their children are not financially savvy enough to handle a lump sum inheritance. While there are a variety of ways to handle this issue, one is to create a plan that provides for your children to receive a monthly payment after you are gone.
If your children are too young or not financially responsible enough to handle a large sum of money for their inheritance, you can arrange for them to receive monthly, yearly or certain age requirements for their payments. This allows you to provide financially for your loved ones, but also protect your wealth from being frivolously spent or collected by creditors.
If you are interested in setting up a trust to benefit your children once you have passed, contact Maura Curran to schedule an appointment.
