28 Jun I don’t want my sons to get my estate. What are my options?
Q. I have two sons that I do not want to leave anything to. I want everything to go to the grandkids who are both adults, but I would like to fix it in a way so they can not blow everything in a short period, or sell the property for little to nothing. Suggestions?
A. We’re glad to hear you’re planning ahead.
There are certainly estate planning tools that can help you reach your goals.
You can create trusts in your will, or create a revocable living trust designating the grandchildren as beneficiaries, said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park.
Then you can select the ages at which the grandchild can receive the assets outright, or the trusts can even be created for the lifetime of the grandchildren, she said.
“The trusts can be structured so that the trustee can provide funds from the trusts for the grandchildren’s health, education, maintenance and support,” she said. “The trustee would have a fiduciary duty to sell the property for a price which is advantageous to the beneficiaries.”
But keep in mind, Whitenack said, once the assets are distributed to the grandchildren, they would be able to use the funds for any purpose they choose.
You should look for an experienced estate planning attorney who can see your entire financial situation and help design documents that are right for you.
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This story was originally published on June 28, 2021.
NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.