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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55467
Experience:  29 years of experience practicing law, including tax and estate planning.
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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: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year 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.