No matter how you approach the process of estate planning, you may have natural concerns about someone’s ability or willingness to properly manage an asset. Being overly burdensome with the conditions placed on your estate plan, however, can be problematic for those who inherit from you.
Striking a balance can help give you some level of control and peace of mind during your life, but also enable your beneficiaries to receive these assets in a meaningful and usable way. One of the most important ways to impose conditions and control is to establish a trustee or an executor.
Nominating the individuals who serve in these crucial roles is important. If you do appoint a child, you may place certain conditions on doing so, such as ensuring that they reach a certain age before they are able to assume the role. Many people establishing a will and other estate planning documents want to create rules around what purposes a beneficiary can use an asset for. However, it is usually better to set up a trust in this situation to ensure that the beneficiary receives the assets when you intend for them to have it, such as reaching a minimum age such as 25.
You can always determine what is best suited to your loved ones and beneficiaries well in advance, especially when you use a trust in NH.
You may also earmark specific funds for certain purposes, such as paying for a college or graduate education. For more information about imposing conditions on your estate plan and how to do so effectively, consult with the experienced and qualified estate planning attorneys in your area. At our NH and Maine estate planning law offices, we can help you with all aspects of setting up a trust.