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Use Caution in Planning Ahead

Trust Instructions

It is tempting when creating an estate plan to try to plan for the future by setting specific instructions for preserving assets. For example a trust may give instructions as to how long a stock should be held.  A trust might state that a certain fund should be held to provide income for a spouse and then when the surviving spouse passes away, the fund should be sold and distributed to the surviving children.

Flexible Trust Direction

The drastic turn of events in our economy though has taught us that there is no way to predict the future or what condition the market will be in at some future date. Setting a specific time or specific prices at which assets must be sold can be devastating for beneficiaries. A trust should offer enough flexibility in its instructions to allow the trustee to make wise financial decisions based on the market at the time rather than based on an instruction made years earlier in different economic circumstances.

Getting Legal Help

Experienced Estate Planning Attorney Elga Goodman can help you prepare a thorough estate plan which includes thoughtful drafting of trusts to reach your estate planning goals. Contact us today at 973-841-5111.

Posted in: Estate Planning, New York Estate Planning