You worked hard to build your assets, and you want those assets protected long after you are gone. Maybe you are weary of leaving an inheritance to a loved one who you fear will not have the ability to handle that kind of windfall.
Who are Spendthrifts?
In the banking world, people who spend money in an extravagant, irresponsible way are known as spendthrifts. While you love your family members, you know some may have a tendency to become spendthrifts, or they may be too young to realize the value of your assets and how long they took to build.
Creating a strong financial portfolio takes time. It’s harder to build assets than it is to dispose of them. Landmark Bank understands this. It’s why we offer spendthrift trusts to set up parameters and guidelines to manage your assets at a more controlled pace.
What are spendthrift Trusts?
A spendthrift trust is a type of trust agreement designed to protect a beneficiary from wastefully spending his or her share of a trust. Protection against spendthrifts can be added to a trust, with a third party or an institution like Landmark Bank handling the dispersal of assets over time as specified.
Why Should I think about a Spendthrift Trust during Estate Planning?
If you create a trust and have built up assets you do not feel safe allocating in a single lump sum, a spendthrift trust may be right for you. If you have a particular beneficiary who has spendthrift tendencies, whom you may feel could unwisely exhaust the assets you have built up, spendthrift trusts are an option worth exploring.
If incorporating protection against spendthrifts into your estate plans sound beneficial, Landmark Bank’s estate planning and investment unit will work with you through proper planning, and utilizing fiduciary services to set up parameters and guidelines to assure the proper dispersal of your assets and estate after you die.
With a spendthrift trust, you can be assured that your legacy will continue to benefit your loved ones after you are gone. Contact Landmark Bank today to learn more about spendthrift trusts and other estate options for you and your family.