Can Inherited Education Money Be Used for Anything?
by Patricia Louise Nelson
Most of my estate planning clients who want to leave assets in trust for young people want to have those funds used for education. But what does “education” really mean? Certainly, it would be educational to fly off to Europe and hobnob with the rich and famous. But is that really the sort of education you want to fund for a young person?
On a more serious note, I encourage you to be specific about what education means to you. For example, if you consider foreign travel to be educational, be specific about what that might look from your perspective so that your trustee has the benefit of your thoughts on the topic. Do you mean foreign travel as part of a formal university study abroad program? Participating in a religious organization’s international service? Or something else?
Even if your trustee is faced with the relatively simple question of paying for in-state tuition, room, and board at a university, so you want to fund the entire cost of an education? Or, perhaps, you might feel more comfortable if the beneficiary has some “skin in the game” by paying for part of the educational experience by working during the summers and having a part-time job during the school year?
These are questions I encourage you to consider in setting up a trust for a young person. Give your trustee the benefit of your vision on this topics so they can make the best decisions for you.
Find out more at: https://twosprucelaw.com/videos/what-does-providing-for-education-mean-to-you
