We often like to talk about how you can use an estate plan creatively. An estate plan is your way to leave your assets to other people and you can be creative about setting conditions on how those assets are used. This can be a good thing. However, it can be a bad thing and we wanted to take some time to explain that there are limits to the conditions that you set.
For example, let’s say that you want to leave something to a daughter. You could condition that on a wide-variety of things. You could say that she only receives the inheritance if she travels around the world, That is allowed. You could also say that she only receives the inheritance if she promises to leave it for future generations of your family. That is not allowed. It unnecessarily restricts her estate planning.
There is a lot of grey area in how creative you can be in setting conditions in your estate plan. Make sure that you talk to an experienced attorney about any conditions you are thinking of setting.
Latest posts by Stephen A. Mendel, Estate Planning Attorney (see all)
- Do I Need to Include Retirement Planning in My Estate Plan? - July 15, 2019
- Texas Trivia- Who played the lone survivor of the Alamo in “The Man from the Alamo?” - July 12, 2019
- Staying Current on Estate Planning - July 9, 2019