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Estate Planning Archives

The big reason an incentive trust may not work

When people talk about incentive trusts, they often point out the benefits: You get to help your heirs become the best versions of themselves, and then they get their inheritance when they follow the path you set for them. Incentives could include refraining from illegal drug use, getting a college education, starting a business, starting a family and much more.

Update your estate plan after these events

Do not assume that the estate plan you made five years ago -- or even the one you just made today -- is going to stand the test of time. Life changes. Things happen. The future is not always what you expected it to be. When facing significant changes, you absolutely want to update your estate plan so that it accurately reflects what your life looks like now.

Should you fund an incentive trust for your beneficiaries?

When you do your estate planning, one topic that you might want to explore further with your estate planning attorney is funding an incentive trust. There are pros and cons associated with this decision, so it's wise to mull over all of your options.

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