My parents pass away and had a family trust. I am parents son and executor. They left money to grandchildren. Can executor add a spendthrift trust to protect frivolous spending of grandchildrens/beneficary's inheritance?
Unfortunately no, it is too late to create a third party spendthrift trust for them if the will or trust called for outright distributions. And children do not have the capacity to create asset protection trusts for themselves. When they reach the age of majority, however, you might be able to convince them to consult with an attorney about creating domestic asset protection trusts in a state that authorized them.
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