Can I Put Restrictions On An Inheritance?

You may be thinking carefully about the legacy you wish to leave behind for your loved ones, and the unique considerations of your family dynamics and your individual beneficiaries. This raises plenty of questions, including whether or not you can place restrictions on an inheritance left behind for loved ones. Anyone who is on the receiving end of an inheritance should clearly read the fine print of the will or other estate planning documents.

The creator of a will can specify that payments will be received in one large sum or in small installments. Furthermore, inheritances can be restricted to particular uses, such as education or the reaching of a certain milestone or an age. This is more common with trust distributions and trusts are often used by people who want to add on an additional layer of control to their estate planning. A trustee will have been appointed through the creation of a trust to manage those assets and to adhere to the terms of trust administration.

As a beneficiary, you are entitled to receive regular reporting from the trustee about what is happening with the assets inside the trust and you can also ask for copies of important documents that clarify when and how you will receive trust distributions. Bear in mind that as a beneficiary, you also have the legal right to hold a trustee accountable in court if they violate the law.

 

 

Tags: No tags

Add a Comment

Your email address will not be published. Required fields are marked *