Estate Planning Trends In Bloomfield Hills Include Travel Trusts

Trust lawyers in Bloomfield Hills see how trends come and go in the field, and an interesting new one has been showing up increasingly in the last several years.  Those who are creating their wills and trusts are beginning to include their wishes for their survivors to travel more.  In order to do so, they are instructing their lawyers to set up trusts specifically for this purpose.

There are many reasons why an individual may want to encourage friends and family members to use their inheritance to travel.  In some cases, it’s about connecting with family history and the money comes with instructions to travel and learn more about their family heritage in another country.

In others, the person creating the trust wants to ensure that family members scattered across the country (or world) have the means to visit one another and build stronger family ties.  Still others may simply want their children and grandchildren to have the life-altering experience of discovering new cultures and languages.

In order for this to happen, the individual works with his or her Bloomfield Hills trust lawyer to put together a trust which has specific instructions for how the money is to be used and by whom.  Those instructions can become quite particular such as naming certain areas that the family is to visit; although this is not always the case.  Really, it’s all about the intentions of the client and what he or she wants for those left behind.

Because travel is generally considered a luxury, it’s something that people in Bloomfield Hills may choose to set aside when they are working to pay the bills, cover their kids’ tuition, and save for retirement.  When a travel trust is in place, it suddenly opens up the possibility of travel for those who either don’t have the means or are “putting it off” until they feel financially able to indulge in something which might otherwise be considered frivolous or may only seem like a distant dream.

An experienced trust lawyer in Bloomfield Hills will be familiar with how to set up a variety of trusts to achieve your travel desires.   There are many things to consider, such as how strict to make one’s wishes, how to fund the trust, and how survivors are to be compensated.  For example, one client may actually decide to work with the lawyer and a travel agency to make arrangements while another will simply reimburse expenses after the travel has taken place.

Creating a travel trust with an Bloomfield Hills trust lawyer is a great way for clients to develop their legacies by focusing on something which is not only important to them, but will most certainly impact the lives of those left behind.  It’s a matter of providing not just an opportunity for a vacation, but a true chance to make memories which will last a lifetime.

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