I have a good amount of money but I have a circumstance where i would like to leave someone money in my will instead of paying them now. The money would be a great deal more than if I would be paying now. If an agreement is made now, the money could be gone by the time the money in the will is disbursed. Could be 15-25 years from now. Is there any way that money could be secured for someone where they can be almost 100% sure to receive it? I would think a lien on property would be but then it would come due if for any reason I wanted to sell it. Is there a solution to this? Standard or creative! Thanks!
Not sure how close to 100 per cent you mean when you say "almost 100 per cent". What if that small percentage happens and there is no money? Also, how sure are you that in 15-25 years you will still want that person to get the money?
Either make them a beneficiary of the account, or make a trust, giving you power in your life, and leaving the person as a beneficiary.
Yes! But you will need to consult with an attorney to do what is necessary to secure. Don't rely on getting advice online and then properly consummating the task on your own.
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I agree that an irrevocable trust is a possible solution. You would need to consult an attorney to set this up.
Your question implies that the problem will not be with you providing the money. If so, and you have the money NOW to put aside to be disbursed in the future you can: (1) purchase an annuity to be paid to the beneficiary at your death. (2) Create a trust (revocable or irrevocable) which is what's known as a "spendthrift" trust - which can't be advanced to pay the beneficiary's debts - and make that payable to the beneficiary at your death. (3) Purchase a life insurance policy on your life, payable at your death to another - a single premium whole life policy. (4)Purchase an appreciable asset (art, collectibles) and place them in a trust - again to be distributed at your death. (5) Purchase a bond which doesn't mature until sometime after you expect to gone. In fact, I don't think a lien on property would necessarily get the job done. The lien may have to be renewed or the underlying property may be sold. Good luck - many opportunities await.
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