Most parents continue to love their children regardless of any faults the children have. However, that does not mean that every parent feels comfortable leaving a large, lump sum inheritance to their children without any limitations. If you worry about your hard-earned money being squandered by your beneficiaries, you might consider creating a spendthrift trust.
In general, a trust is an estate planning tool that can help manage property during your lifetime and can supplement or replace a will after your die. However, one of the most important ways trusts differ from wills is that property that passes to beneficiaries from a trust does not have to go through probate. By avoiding probate, you can spare your beneficiaries the time, expense and public record associated with probate. There are many different kinds of trusts, and each one serves a slightly different purpose.