In the past few weeks, we have been talking about estate planning and how here at Hylton Adamson Watson we counsel clients on all of the extremely sensitive matters surrounding this process.
In our last blog, we discussed guardianship and mentioned another option to establishing guardianship. An alternate choice would be to designate an heir (successor) trustee in a revocable living trust. Some feel this is a better alternative to giving someone complete control of their inheritance at the time of their 18th birthday. A revocable living trust can be modified or dismissed during someone’s lifetime.
We can help you draft a living trust that possesses and handles the assets for a person to 25 years of age or in some cases older. Your heir will have an opportunity to gain higher education and mature further before receiving a considerable estate. This may bring some families further peace of mind, as we are aware that in many cases a family member may question or doubt whether or not a young adult can handle and manage a substantial estate.
Essentially, a living trust can postpone inheritance. As your legal counsel, we can set the inheritance of an estate to be released in phases that can coincide with birthdays (as a person matures). We can even designate what the funds can be used for, such as educational or for health reasons.
There are many factors to consider under the umbrella of estate planning. We want you and your family to know that Hylton Adamson Watson has the legal expertise necessary to effectively prepare you through the estate planning process. We have offices conveniently located in Central and South Florida and are ready to assist you with all of your estate planning matters. Contact us today for more information. Have a great day!