Deadhand Control in Palm Beach County: Making Decisions From Beyond the Grave

What if you could continue to control your wealth even after you pass away? While some estate planning goals are relatively simple, others have elaborate plans for protecting their family legacy. Deadhand control is the process of making these decisions ahead of time, allowing you to control what happens to your estate even after you pass away. These plans could affect your family and your wealth in various ways, and they are worth discussing with a Palm Beach County estate planning lawyer.

What Is Deadhand Control?

Deadhand control is a broad term that describes the control of a family estate from beyond the grave. It may involve many steps and strategies, but it is most commonly used to create “conditions” for beneficiaries who inherit assets. These conditions must be satisfied before beneficiaries receive their assets, ensuring some degree of control and guidance from beyond the grave.

Deadhand control may also involve the preservation of wealth across generations, and these strategies are extremely popular among high-net-worth families. Multi-generational wealth is controversial for obvious reasons, and many states have limited strategies involving “perpetuities” as a result.

Florida is one of these states, and it has banned “perpetuities.” These are trusts with no expiry date. In other words, perpetuities can last forever. But although Florida doesn’t allow perpetuities, they do allow trusts that vest their assets within 1,000 years. One might argue that this is virtually the same thing as a perpetuity, as even the most successful families rarely preserve their wealth beyond 1,000 years.

Using Deadhand Control to Ensure Your Children Follow Your Guidance

Many Florida residents use deadhand control to ensure their children follow their guidance and wishes after their passing. For example, you might have a beneficiary who has a gambling addiction. Maybe your adult child has a habit of wasting their money on illicit substances. Perhaps your adult child lacks motivation and direction, and you’re concerned that their inheritance will rob them of any direction in life.

These issues can be addressed with deadhand control. You can make conditional bequests to leave money to your loved ones only if they  meet certain requirements, such as completing college, reaching a certain age, or going through rehab.

The Downsides of Deadhand Control

Many believe that conditional bequests are inferior to trusts. A trustee can maintain better oversight of your assets, ensuring that your beneficiaries only inherit their assets when they meet various conditions. Your beneficiaries might also challenge a Will with deadhand control for various reasons.

Can a Palm Beach County Estate Planning Lawyer Help Me?

Although deadhand control is somewhat controversial in some circles, it is perfectly legal in Florida. If you’d like to explore these strategies in more detail, consider speaking with an experienced estate planning lawyer in Palm Beach County. These legal professionals can help you make important decisions that outlive you while protecting your legacy. Contact Kitroser, Lewis & Mighdoll today to learn more.

Source: 

lsd.law/define/deadhand-control