What is a Spendthrift Trust and Do You Need One?

Most people have someone in their family who is not qualified or capable of managing their finances, especially when the situation is complex.  If you or someone you know is leaving an estate to heirs that fit this description, there are ways to ensure the inheritance is distributed as you wish and not recklessly. Today, we will explore a trust commonly used in estate planning to protect your estate and help your heirs better manage their inheritance. While most people think a spendthrift trust is for people who overspend, that is often not the case. You will learn what it is and, more importantly, how it can help you achieve your goals while protecting your loved ones. In this episode, you will learn: >> (12:39) The importance of a Fiduciary and why they are essential >> (15:43) What a spendthrift generally doesn't do >> (21:08) Considerations for distributions of your estate A spendthrift trust is commonly used to protect your loved ones when they receive an inheritance. This kind of trust has several benefits. As a result, you can help to ensure your estate beneficiaries will not run out of money. Today's episode will give you the understanding and knowledge you need to determine whether this type of trust is right for you and provide insight to consider in your overall estate plan. Enjoy the episode. Links Referenced in the Show: The Estate Planning Checklist: https://themillionaireinsider.com/epc Request Support from our Team: https://themillionaireinsider.com/SR Get your Free Financial Checkup: https://themillionaireinsider.com/fc Show notes and more information: https://themillionaireinsider.com/113 This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.