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Incorporating an educational trust into an estate plan

Higher education is a priority for many Kent area residents. The cost of higher education is something many parents save for, but they can still fall short. Many grandparents and other family members want to contribute to their loved one's educational expenses.

One way to help a family member with educational expenses is to establish a trust fund within their estate plan. One trust fund could be established for all family members; this is sometimes called a pot trust. This trust can be used by specified beneficiaries, who can all withdraw funds from it. A pot trust can be tricky if some beneficiaries withdraw more from it than others or if the funds are depleted from older beneficiaries before a younger beneficiary can use them. A person could also elect to create a separate trust for each beneficiary.

Funding a loved one's education is a wonderful legacy for a person to leave. It shows the beneficiary the benefit of advanced education and how important it is for the trust's creator. A legal professional who is skilled in estate planning can help a person create an educational trust that works for their situation. An attorney understands the importance of their client's need to establish a legacy and pass on their values to the next generations.

An educational trust is a way for a person to help their heirs pay for their education, which is often very expensive. It can help alleviate that expense while emphasizing how important education is for their future.

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To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

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