There may be a number of options on the table when it comes to setting up an estate plan that will best suit your situation. Some people decide to move ahead with a will, while others create a trust. Moreover, there are many different types of trusts and, for some people, spendthrift trusts are an ideal way to ensure that their assets are passed down to those they love. If you are thinking about setting up a spendthrift trust, it is critical to take a comprehensive look at your individual circumstances and you may want to look over some of the advantages of this type of estate plan.
By setting up a spendthrift trust, you will be able to appoint a trustee to oversee the way in which trust funds are spent by a beneficiary. This may be helpful for a number of reasons and it is important to make sure that your loved one benefits from your trust as much as possible. For example, if you want to give assets to a beneficiary who has a gambling problem, you may be worried that they will squander the funds of your trust. However, a spendthrift trust could mitigate this problem. Moreover, if one of your loved ones is very young, or has difficulty managing money for any reason, this may be the best route to take.
Ultimately, every estate is unique and it is important for you to set up a plan that suits your needs best. Our estate page has more connected to spendthrift trusts.