Trusts are a commonly used tool in estate planning’s tool box. Traditionally, trusts have been primarily used to delay the time for distributions of assets to young children. These trusts provide for staggered distributions of principal to children at certain ages, such as one-third principal distributions at ages 30, 35 and 40, with discretion given to trustees to make earlier distributions to a child for his or her health, education, maintenance and support purposes.
Trusts can also be used to better ensure that assets remain in a child’s bloodline and to provide for children or other family member with unique needs. Special purpose trusts are frequently used to achieve parent’s objectives and to provide for the long-term health, safety and financial needs of a child. These trusts are being used more and more as estate planning practitioners realize that the “one size fits all” approach to drafting is insufficient to meet the needs of many families.
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