How Can I Prevent Inheritance Squandering?

Some people are better money managers than others. When you are engaged in your inheritance planning efforts, you may have concerns about the spendthrift tendencies of someone on your inheritance list. If you feel this way, there are steps that you can take to prevent inheritance squandering. Revocable Living Trusts If you are concerned about losing control of assets that you convey into a trust, you do not have to worry if you create a revocable living trust. With this type of trust, you can act as the trustee and the beneficiary while you are living, and you have the power of revocation. You can dissolve the trust and take back direct personal possession of the assets at any time, so there is no loss of control on any level. In the trust declaration you name a successor trustee to administer the trust after you are gone, and you name a successor beneficiary (or multiple beneficiaries). You can name a person that you know personally to act as the trustee, but some people will use a c


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