Creating an Incentive Trust
As heads of families, certain people may have a desire to see their children grow up into upstanding, educated citizens that contribute directly to the advancement of their communities. At the very least, most parents just want to see their children succeed in life. For whatever reason, people may attempt to guide their beneficiaries with the wisdom they have accrued over the years. As a legal response, trusts may be created in a way that gives benefits to a beneficiary if they follow particular lifestyle choices.
For legal advice concerning your testament, contact the Houston wills and trusts attorneys of Garg & Associates, P.C. by calling 281-362-2865.
Why Add Incentives?
There are several things that an incentive trust can include, each of which aim to make smart choices more lucrative for beneficiaries. Depending on the way an incentive trust is set up, this can grant funds for the following achievements:
- Receiving a degree
- Beginning a business
- Work in a family career
- Staying off of drugs or alcohol
Incentive trusts can work in a number of different ways. Either these funds can appear as a lump sum payment when the grounds for the incentive are met, or an amount is set aside and gradually paid in the course of the beneficiary’s actions. This can occur in situations such as matching profits for start-up businesses or keeping a steady amount of money available if a person proves they are not abusing substances.
Contact Us
If you are beginning to set up the future of your estate, it is important that your documents are written in a way that addresses major legal concerns that can arise in the process of executing a testament. For more information about how an estate planner can help you, contact the Houston wills and trusts lawyers of Garg & Associates, P.C. today by calling 281-362-2865.
