Do I Need a Spendthrift Trust in My Estate Plan?

Will, Trust and Estate Planning Attorneys in Palm Beach County and Martin County FL

There are many different types of trusts which can be used in a comprehensive estate plan, each with a specific purpose meant to satisfy the highly personalized needs and wishes of individual clients.

Spendthrift trusts are meant to clearly define when and how the financial assets in the trust are to be disbursed to a designated beneficiary.

They are usually created to protect both the assets and designated beneficiary, in situations where there is a legitimate concern that the assets may be misspent, or to protect those assets from the beneficiary’s creditors (under certain circumstances).

Among the situations where the creation of a spendthrift trust may be a suitable option for your estate plan:

* An intended beneficiary lacks financial management skills, which could lead to unwise decisions and the depletion of assets

* The beneficiary has an active addiction issue which may cause them to squander the assets

* A beneficiary who lacks the mental competence to properly manage their assets, or who may be easily defrauded out of their money

* The beneficiary has a history of irresponsibility in handling money

* A beneficiary who is in serious personal debt, or who could easily become so.

At Kitroser Lewis & Mighdoll, our attorneys and staff provide the knowledgeable and highly experienced guidance our clients require, to develop the estate plans that satisfy their personalized needs and protect the legacy their hard earned assets can provide.

We Are Your Family’s Lawyers, and we look forward to working with you and your family very soon.

North Palm Beach Office: 561-721-0600

Jensen Beach Office: 772 763 1463

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