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Trusts can be used to gift money with a purpose

Many people have dreams of seeing where their ancestors were born and where their cultural and heritage roots began. A new trend is starting to emerge that utilizes estate planning to help family accomplish those goals. More people are leaving trusts for their beneficiaries with specific instructions on how they can spend the money that was left to them. Many of the instructions are now including travel.

A trust could be established that gets as specific as the town a person must visit or that they must take classes in a certain country. While this might seem like a hassle to some people, it can be a way for people to encourage their families to explore their routes without worrying about creditors accessing the money.

If a family member is going through a divorce or may owe money to creditors, a trust can help ensure that they will be able to use the money you give them with a purpose, instead of it going to someone or a company that you don't want it to go to. Estate planning using trusts and wills can help people accomplish their last wishes.

While it might not be the easiest thing to discuss, many family members will appreciate being able to use the money for something that will help them make memories. Speaking with an estate planning attorney might be a wise decision to accomplish specific goals with assets you plan to gift to family members. They can help make sure no details are overlooked.

Source: USA Today, "Beyond the grave: Wills give gift of travel," Karen Schwartz, Aug. 20, 2012

-Trusts can serve a variety of purposes. Check out our website to learn more about trusts.

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