As a trust lawyer in Newport Beach, I know all parents want to see their children succeed. And for most families, this means going to college, getting a good job and creating a happy, healthy family of their own.
For this reason, we see many families with a large amount of assets attempt to “guide” their heirs to succeed by only allowing them to receive their trust funds if they reach certain milestones.
For example, a couple who is wary of their teenage son’s hard-partying ways might dictate in their trust that the young man can only receive his inheritance after he completes college.
While this can be a very motivating factor for some young people, it also can present some problems if the will or trust is worded in a way that does not allow for some flexibility.
What happens if that son becomes a very successful entrepreneur and decides not to go to college, but instead focus his life on running a company? Or perhaps he wants to fulfill a dream of serving his country in the military instead of going to school.
Would you really want your child to not receive a portion of your estate because he didn’t follow a traditional path to success or a life changing accident occurs that prevents him from fulfilling your wishes?
That’s why it’s so important to talk to an experienced estate planning lawyer about how to set up realistic guidelines for distributing a trust fund. The Newport Beach trust lawyers at Morgan Law Group would be happy to help put their extensive experience to work for you. Call today at (949) 260-1400 and ask if you qualify for a free Family Wealth Planning Session.