I’ve decided I no longer want to leave my estate to my children. They are ungrateful brats. How can I set things up to give my money to charity when I die?
The ‘HEMS’ (health, education, maintenance, support) standard in estate planning is used to guide trustees in how/when they should release funds to a beneficiary.
One of the biggest concerns a trust creator might have is that the beneficiary would squander their inheritance or that the beneficiary’s creditor would attach the inheritance to cover the beneficiary’s debt.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.