From Our “Ask a Question” mailbag: Can I leave my watch collection to my son in Trust? “Over the years I have put together an extensive watch collection. My wife and I recently had a son, and I wish to leave him the collection. Can I leave him the collection in Trust? Can a Trust protect an inheritance?”
Pennsylvania and New Jersey have both in recent years passed trust acts that allow residents to form flexible, protective trusts for inheritances. You can certainly leave your son the watch collection in Trust. In fact, you should leave him his inheritance in Trust.
A Trust to Hold an Inheritance Provides Protection.
The world can throw your son a lot of curve balls. Luckily, in both New Jersey and Pennsylvania it is relatively easy to craft a Trust to hold an inheritance that provides protection from some of these potential problems. This includes protection from divorce and creditors. Further, a Trust can help make sure a legacy stays in the family. For example, a Trust can hold the inheritance and require that at your son’s death, the watches pass to your grandchildren. The Trust can also allow your child to modify or end the Trust. Depending on how much flexibility you wish to give your son, the Trust can also be easy to manage and almost cost-free.
Trusts Can be Easy to Manage and Inexpensive.
I can draft a Trust in many different ways to address a multitude of situations. Some cases require a corporate trustee and much oversite, while other situations require little involvement and low cost. I could prepare a Trust to address your concerns and your circumstance. Let’s brainstorm ideas!
Contact our office for a free consultation if you have further questions about protective Trusts or any other Estate Planning questions.
Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!
Peter Klenk, Esq., LL.M.