How North Carolina residents benefit from trust planning

No matter how old a son or daughter may be, he or she may have trouble managing money. In some cases, a parent may have one child who struggles with finances while the other one has no such problem. That could create a quandary for parents who don't want to seem unfair by placing restrictions on how an inheritance is to be distributed or what it can be used for.

For parents in such a situation, it may be a good idea to create a trust for the child who has problems keeping track of cash. A trust may make it possible to to instruct a trustee to give that child a certain amount of his or her inheritance in equal chunks or when certain benchmarks have been met. The trustee may also be allowed to make distributions as he or she sees fit.

Ideally, the trustee will not be the child who is good with money as that could create resentment or family infighting. Instead, the trustee should be any person or financial entity that a parent may trust. While it may seem unfair to the person who has restrictions placed on him or her, a trust is really a tool that can protect that individual and ensure he or she won't squander resources.

Parents or anyone else who wishes to engage in trust planning may wish to talk with an attorney. It may be possible to review the different types of trusts available and how they may be able to help protect a beneficiary from squandering assets. Legal counsel may also be able to talk more about how to choose a trustee. Those who already have a trust may wish to review it with counsel to ensure it still meets their needs.

No Comments

Leave a comment
Comment Information
Email Us For a Response
Orsbon & Fenninger, LLP - Estate Planning

Talk With Us: Schedule A Consultation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Location

Orsbon & Fenninger, LLP
4201 Congress St.
Suite 110
Charlotte, NC 28209

Toll Free: 888-314-8134
Phone: 704-900-3883
Fax: 704-556-9601
Charlotte Law Office Map

Office Hours: Monday : 8:30am–5pm Tuesday : 8:30am–5pm Wednesday : 8:30am–5pm Thursday : 8:30am–5pm Friday : 8:30am–5pm