Can I give everything to the “love of my life” and keep it secret? In 1997 the law was changed to require disclosure. Sometimes people establishing trusts have legitimate interests in keeping some or all of their heirs out of their personal business and there are strategies to keep your Trust secret!
If a minor inherits money or property through intestate succession or through a will in the probate court he or she gets total control at age 18. Depending upon the amount of money involved, people’s opinions vary greatly as to how much can an 18-year-old handle as far as money property and finances.
A Spendthrift trust is a uniquely drafted trust that is created for the benefit of a person who is often unable or deemed too young or immature to control his or her spending. With a properly written spendthrift clause in the trust document, the creditors of the children cannot enforce their claims against the children’s share of the trust.
Do you know that the IRS ignores revocable living trusts? Documentation prepared to establish a trust is not registered with any government agency or taxing authority. Typically the estate lawyer will retain a copy of any trust prepared and then the people establishing the trust will have their own copies.