There are a variety of available tools in estate planning, each of which may offer its own set of possible benefits. Individuals in Nevada who are in search of an option that can help them continue to provide for their kids without allowing them to inherit all of their wealth all at once could choose to implement a trust. A spendthrift trust is an example of an option that could help parents achieve such a goal.
A spendthrift trust is a type of irrevocable living trust that can come with a variety of possible advantages. This type of trust may continue to provide distributions to heirs even after the grantor passes on. The assets within are distributed over time instead of all at once, which could prove helpful in various scenarios.
Such a trust could be an appealing option to those who wish to protect their heirs from creditors or, in some cases, from themselves. Parents who worry their children might not be prepared to handle a sudden influx of assets may find this aspect of a spendthrift trust beneficial. A person could also choose someone to act as trustee and oversee the trust and one may also grant this person the ability to make certain decisions, such as those pertaining to the timing of distributions.
A spendthrift trust is one of many options a person may consider when making decisions about the future. With a variety of options to consider, a person in Nevada could benefit from consulting with an attorney early on for advice in making informed decisions about the situation. This type of guidance could help place a person in a better position to create a plan centered on protecting the needs and futures of his or her loved ones.