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Gaining in popularity among parents is the notion that they leave an inheritance to their children, in trust, while naming their child as the trustee of that trust.
Some parents, these days, instead of leaving an outright bequest to their child or children, they leave the child's inheritance in trust for them, but instead of naming a third party as the trustee of that trust, they name their child as the trustee of their own trust.
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One of the reasons some parents choose this method of a bequest is because they want to provide an extra layer of protection just in case their child gets divorced after receiving the inheritance. They want to make it harder to the inherited assets to be commingled with other assets their child has with their spouse. And in some circumstances, parents want to provide in their child's inheritance trust that when the child dies, the remaining trust assets will pass along for the child's children.
When parents set up their estate planning program this way, then, after the parents die, the inherited funds will be set up the name of the child's trust, with the child as the trustee. Parents need to realize, however, that depending upon the terms of the trust, when the child is the trustee, the child could be influenced (by the child's spouse or by another person) to spend the trust assets or withdraw all or some of the trust assets out of the trust.
Parents who seek to make their children's inheritance protected from their children's lawsuits and creditors won't likely accomplish that by naming their child as the trustee of his or her own inheritance trust.
Many parents like the idea of arranging their estate planning program so that when they pass away, their children's inheritance will immediately be placed in a trust, with their child as the trustee, in order to give their children, and their grandchildren, that extra layer of protection that comes with leaving your estate to one or more trusts when you pass away.
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450
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