Revocable Living Trusts in PA to Protect Grandchildren Inheritance
From our “Ask a Question” Mailbag: Revocable Living Trusts in PA to Protect Grandchildren Inheritance
Most Recently Updated July 15, 2018.
“How do I make sure the inheritance that I leave my daughter passes to my grandchildren at her death?”
Revocable Living Trusts in PA to Protect Grandchildren Inheritance
Revocable Living Trusts in PA to Protect Grandchildren Inheritance
If you leave your daughter an inheritance outright, then-at her death-it will be available to satisfy any creditors or law suits she might have. It might even end up in her husband’s name, rather than passing to your grandchildren.
Instead, you can use your will or a Revocable Living Trust to form a protective trust to hold her inheritance. This irrevocable trust can be drafted to allow your daughter to serve as the trustee with broad rights to use the trust assets for herself and your grandchildren, while the assets are sheltered from a potential divorce, creditors and lawsuits. You also can state that, at your daughter’s death, any remaining assets remain in trust for your grandchildren’s benefit. If drafted properly, her creditors and husband would have no claim against these assets.
More Planning Questions?
The revocable living trust is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.
In Conclusion: Revocable Living Trusts in PA to Protect Grandchildren Inheritance
I hope that this article was helpful in explaining revocable living trusts. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!
Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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Tags: Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Inheritance, Living Trust, Pennsylvania, Philadelphia, Revocable Trust
