Pass On Your Values
- Posted in: Estate Planning
Most of us would like to think we’re leaving behind more than just money when we pass away. We’d like to think we’ve impressed our values upon our children and grandchildren as well, giving them a foundation of knowledge and belief to serve them when we are no longer here. The good news is that creating a thoughtful and comprehensive Estate Plan can help you do just that.
One of the many benefits of creating a trust is that it allows you to specify to whom your estate will be distributed, as well as when and how. for example, you can impress upon your grandchildren the importance of education by leaving an inheritance to them in an Educational Trust. Or help your kids learn to follow their dreams by earmarking part of the trust principal to be distributed should they want to start their own business. Another example is passing on your belief in the value of family by creating a special trust to support stay-at-home parents. Whatever legacy you wish to pass on, a well-drafted trust can help you accomplish it.
A well-drafted and carefully planned trust can serve as a teacher in addition to allowing you to pass on your values. By leaving an inheritance in trust, you can choose to have distributions made gradually, helping your beneficiaries learn how to handle their finances responsibly and with maturity before they are handed the keys to the kingdom. Another option for giving them freedom while teaching financial responsibility is to require that the beneficiary serve as co-trustee with a more experienced family member or friend. None of these choices are available to you if you execute a simple Will.
Remember, a good trust can help you not only protect and provide for your beneficiaries’ financial future, but also leave behind a legacy of the most memorable kind.