Seeking Counsel on General Legal Matters

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Seeking Counsel on General Legal Matters

Hello! My name is Marilyn Flynn. My husband and I have an attorney named Max. We are on a first name basis with Max because he’s our attorney that handles just about everything. I’m glad you stopped by my website. I hope to be able to explain why you and everyone should have a Max in your life. We didn’t understand the importance of having an attorney present for certain contracts; not until Max explained it to us. As our general attorney, Max has helped us to write and update our wills. He has put together our living wills, power of attorneys, and many other documents. As you age, you will find that you need to have your life in order. There will be new decisions to be made and some old documents that you may want to update. A trusted attorney is vital.

The Basics Of Trust Fund Disbursement And Probate Law

When you're ready to establish an estate plan and you want to be sure that your loved ones get the funds that you intended without risk of overspending, impulsive decisions or unreasonable funds distribution, you need to look into your trust options. In fact, there are a number of options available to you that allow you to regulate your fund distribution even after your death. Here are some of the avenues to consider when you establish your estate plan for your loved ones.

Consider Age-Defined Distributions

One option for regulating the disbursement of funds from your trust is to define age-based milestones that will trigger set distribution amounts. You can determine how much the beneficiary receives at each age milestone. Consider distributions for reaching 18, 21, 25, and 30, among others. Depending on what your goals are, there may be other ages that apply.

Set Specific Events As Triggers For Trust Payments

Another option to minimize the windfall reaction is to set specific milestones that will trigger distributions from the trust. For example, a small amount upon high school graduation, and enough to pay for college tuition each year if they are actively enrolled. You might also want to schedule a disbursement for their wedding and again if they have a child. These are typical milestones when a trust would disburse.

Think About A Need-Based Distribution

If you worry about a beneficiary's responsibility with access to a significant amount of money, you can appoint an administrator to handle all of the distributions out of the trust. Set rules that allow the administrator to make determinations about disbursement amounts upon the request of the beneficiary. The beneficiary simply needs to explain what they need the money for and the administrator can evaluate the situation.

Establish A Consistent Schedule

With a consistent schedule of disbursements, your loved one can receive their trust fund in small amounts over a longer period of time so that they can better manage those funds. Think about how long you want that fund to last and then divide it by that many months to establish a monthly disbursement amount.

These are just a few of the ways that you can manage the receipt of a trust account. No matter what your ultimate goal is with your loved one's trust fund, there are disbursement options that can help. Talk with a probate lawyer today about the right trust solution for your situation and to create the estate plan that you need.

Reach out to a probate law firm near you to learn more.