How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Attorney
Category: Estate Law
Satisfied Customers: 53721
Experience:  29 years of experience practicing law, including tax and estate planning.
Type Your Estate Law Question Here...
Richard is online now
A new question is answered every 9 seconds

I have no children, I would like to leave my estate to 5 of

Customer Question

I have no children, I would like to leave my estate to 5 of my nephews and niece, yet I know some of them will dilapidate, everything, what is the best way to make sure they have a small income from it for years to come.
Submitted: 6 months ago.
Category: Estate Law
Expert:  Richard replied 6 months ago.
Good morning. My name is ***** ***** I look forward to helping you. The best solution for this is to leave your estate in a trust for their benefit. Then, the trust agreement can set forth the terms of much per year, principal and/or interest, at what (if any) ages are they entitled to principal distributions, for what purposes can distributions be made (health, education, welfare, etc). if they never get all the principal, who are the contingent beneficiaries when the principal beneficiaries die, who is the trustee, etc. etc. This will give them the benefit of your estate, but prevent them from wasting it and prevent their creditors (or a divorced spouse) from getting it. Thank you so much for the excellent rating! I know rating takes an additional step and I truly appreciate you taking the extra time! Also, thank you for your kindness and generosity in giving me such a nice bonus! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: . Or, simply request “Richard only” in the first line of your question.

Related Estate Law Questions