“While estate planning attorneys agree that a trust is likely the way to go, Clara should also think carefully about how she wants to structure it, how she can protect Hillary and Hugh's relationship, and how she can avoid resentment after she is gone.
“ ‘You should have a conversation with your child to explain why you are setting up a trust and what the general parameters of the trust will be,’ Basu advised. ‘Remember, you cannot parent from the grave. You have to talk to and teach your children financial responsibility during your lifetime.’
“Schromen also said Clara's choice of trustee will be very important. ‘I encourage parents to think carefully about who they appoint as trustee,’ she said. ‘Naming a sibling to control another sibling's inheritance can create resentment and strain family relationships. In some circumstances, an independent or professional trustee may be a better choice.’
“McCurdy also suggested that, if Clara can, she should start giving small gifts to her kids now while she can see Hillary enjoy the money and help Hugh learn to manage it.”
(continued)
● “Estate attorneys say a trust with a spendthrift provision can stop an irresponsible child from blowing their inheritance,” Yahoo Finance, 10/14/26:
ARTICLE LINK: https://finance.yahoo.com/real-estate/articles/estate-attorneys-trust-spendthrift-provision-093000257.html
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