A variety of reasons exist for why someone would need an irrevocable trust. This is not an exhaustive list as other situations exist, but this should give you a good idea of their flexibility.
- 1. One of your beneficiaries is a minor.
- 2. A beneficiary is a young adult who is not mature enough to manage significant sums of money or property.
- 3. You want to leave money to a child’s education.
- 4. A beneficiary is disabled and will probably always need help managing property. These are what lawyers call “special needs trusts.” These trusts allow you to leave the property to the beneficiary whole maintaining their eligibility for various government benefits.
- 5. One of your beneficiaries is irresponsible with their finances, and the property must be restricted their whole life. This is what lawyers call a spendthrift trust.
- 6. You have several beneficiaries, and you want.
- 7. You want to authorize someone else to decide who will receive your property after you die. This is a called a “power of appointment.”
Most property control trusts are extremely complex documents and should not be prepared without the help of an attorney.
Please feel free to contact Postilion Law Group today if you have any questions.