Most people want to leave their family with a stable financial future. That’s why it’s important to speak with your lawyer in Tampa about estate planning. At the same time, you also feel a sense of responsibility if you are leaving quite a hefty inheritance. Your lawyer in Tampa can probably give you a laundry list of examples of inheritors squandering away their inheritance or having zero ambition because of their secure financial position. If you fear having you inheritors negatively affected, then speak with your lawyer in Tampa about how to avoid this problem.
It’s definitely a tricky situation, but there are methods to ensure that your loved ones are cared for. One of the methods we are talking about is incentive trusts. They have been successful at guiding loved ones towards having a fulfilling and productive life.
This is because incentive trusts don’t just give away your assets, throwing caution to the wind. On the contrary, they allow you to set up a fund, appoint a trustee, and name your beneficiaries. However, it also adds stipulations that you can add into the trust. That means you can put in any stipulations that you would think would benefit your beneficiaries. For example, if you want to instill a strong worth ethic, you can stipulate that your beneficiaries won’t receive any money until they get a job on their own.
This is a great way to prevent your beneficiaries from self-harm since they will still have to discover themselves. It’s also a great method for a whole list of concerns that you may have since simply handing over a large amount of money can be quite life-changing.
However, even though it’s a great method to preventing your loved ones from self-destructive behavior, it can also have the opposite effect. Some family members might even rebel since they may feel that they deserve to have the money, no strings attached. Again, it could also save people. So, it’s definitely a tight line to walk, which is why your trusted lawyer is there to help you. Check out our blog for more tips and info. Contact Fresh Legal Perspective today by calling (813) 448-1042 and ask about meeting one of our lawyers!