Around the Web: Flexibility is key when it comes to your estate guidelines
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Conditions and stipulations can be a great way to ensure your estate is properly handled after your passing. However, if you are too controlling or there are too strict stipulations, this could actually hinder your plans. So how do you find a good balance between conditions and controlling?
This Kiplinger article helps navigate this tricky area of estate planning. Often, people making their wills want to set ground rules for how their estate is used. Concerns may arise that your child, if left to their own devices, may deplete their trust fund too quickly. One way you can set boundaries without being too controlling is by utilizing the HEMS standard, allowing distributions to be made for health, education, maintenance, and support. This standard allows them to be supported in a practical way.
It’s important to keep flexibility in mind, since life is often unpredictable. Imposing strict standards, such as “distributions may be made to my child after they have their first child” don’t allow for any flexibility or unpredictability. Your child may face infertility issues, or choose to not have children for a host of reasons. This restriction may seem more like a punishment than a form of support.
If you need assistance with creating guidelines for your estate, Rhodes Law Firm can help! Give our team a call today.