QUESTION
Can I leave something to my child with the condition that they stay in school to receive it?
Asked on Aug 05th, 2012 on Estate Planning - Michigan
21 ANSWERS
1 Award
That condition should be alright in New York. Not sure about Louisiana.
Answered on Jun 28th, 2013 at 9:51 PM
Thomas Edward Gates
Place the terms of the gift in your will.
Answered on Jun 28th, 2013 at 9:42 PM
Probate & Trust Attorney serving Coral Springs, FL
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Richard J. Kaplan, P.A.
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Yes, there are ways to do this through a Trust.
Answered on May 29th, 2013 at 12:35 AM
Business Formation Attorney serving Westland, MI
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Clos, Russell & Wirth, P.C.
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Yes.
Answered on May 29th, 2013 at 12:31 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Yes.
Answered on May 29th, 2013 at 12:31 AM
Residential Attorney serving Hartford, CT
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Halloran & Sage LLP
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Yes - by using a trust.
Answered on Aug 27th, 2012 at 12:24 PM
Probate & Trust Attorney serving Fort Lauderdale, FL
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Robert J. Slotkin
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Yes, you can place any conditions you want in a will. This is called a testamentary trust - your will sets up a trust to hold money with conditions that you make up.
Answered on Aug 15th, 2012 at 12:35 PM
Elder Law Attorney serving Hollister, CA
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Charles R. Perry
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Since you live in Louisiana, the estates and probate law of Louisiana will generally govern the terms of what you can and cannot do with your estate. You will need to contact an attorney in Louisiana for a definitive answer.
Were you a California resident and your estate documents governed by California law, however, the answer would clearly be "yes," provided that your will, trust, or other governing documents were clear on that point.
Answered on Aug 15th, 2012 at 12:34 PM
Probate & Trust Attorney serving Lake Mary, FL
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Barbara Coenson, P.A.
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You can place conditions on a child receiving an inheritance in a trust. You should consult with an estate planning attorney in Louisiana.
Answered on Aug 15th, 2012 at 12:34 PM
Litigation Attorney serving St. Louis, MO
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Probate Law Center Richard J. Keyes, PC
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In Missouri you can have a condition in regard to an inheritance so that if the beneficiary meets the condition, the beneficiary will get the inheritance. You also need to make sure that if the beneficiary does not meet the condition, that something happens to the inheritance like going as part of the residue of an estate. I do not know about Louisiana law.
Answered on Aug 14th, 2012 at 11:46 PM
Conditional gifts are possible under certain circumstances. However, since you are in Louisiana you need to consult an attorney there about what is possible.
Answered on Aug 14th, 2012 at 8:34 PM
Business Law Attorney serving Oxnard, CA
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Lowthorp, Richards, McMillan, Miller & Templeman, APC
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Absolutely. The optimal way to do so is to create a trust fund and stipulate under what conditions your child receives distributions.
Answered on Aug 14th, 2012 at 8:01 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Yes, at least in Michigan there can be conditional gifts and bequests.
Answered on Aug 14th, 2012 at 5:46 PM
Real Estate Attorney serving South Jordan, UT
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James T. Dunn P.C.
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A trust can dictate to the trustee the conditions that must be met before distrbution is made to a beneficiary.
Answered on Aug 14th, 2012 at 5:29 PM
Elder and Disability Rights Attorney serving Frederick, MD
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Law Office of Charles R. Stewart
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If you reside in Louisiana, you will need to consult with a Louisiana attorney. He should be able to accomplish your goals with a trust, by inserting trust language in your will, or by use of other estate planning tools.
Answered on Aug 14th, 2012 at 5:13 PM
I cannot speak for LA. However, in Oklahoma you can and that is often done by establishing a trust.
Answered on Aug 14th, 2012 at 4:45 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Yes, this can be done. It is usually handled through a trust. A trust can have whatever conditions or limitations you wish, as long as they do not violate public policy. I have set up many trusts to include a provision like you describe.
Answered on Aug 14th, 2012 at 4:34 PM
First, Louisiana has different state law than every other state in the USA. You must consult a Louisiana attorney to learn what works in your state. I am not licensed in LA law. In other states, the answer is yes, you can make a gift contingent on staying in school. Usually the easiest way to do this is with a trust.
Answered on Aug 14th, 2012 at 4:26 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Generally Yes you may..However, it is usually set up as a trust.. with a trustee that monitors the gift with alternate instructions if they do not stay in school. It is very typical to allow the trust to pay for the schooling and release the rest afterward or to indefinitely delay the gift (say to age 35 or 40) if they do not continue in school.
Answered on Aug 14th, 2012 at 4:18 PM
Criminal Defense Attorney serving West Allis, WI
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Glojek Limited
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First, I would check with Louisiana law since that is where you are residing, that law probably applies. However, if you live in Wisconsin, you can accomplish your goal. This can be done by a revocable living trust or a testamentary trust created by your will. You will need a reliable trustee who will follow your directions.
Answered on Aug 14th, 2012 at 4:15 PM
Bankruptcy Law Attorney serving Huntington Woods, MI
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Austin Hirschhorn, P.C.
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You don't indicate whether the child has to complete high school or college to receive the gift. If you were in Michigan you could write a holographic will to state what you wanted to do. Since I am not familiar with Louisiana law I suggest you talk to a lawyer in Louisiana who can probably answer your question and tell you how to go about making the gift.
Answered on Aug 10th, 2012 at 1:53 PM