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A will is a foundational estate planning document. However, according to Gallup, only 46 percent of US adults have a will. This number has remained consistent in Gallup polls dating back to 1990. If you are among the minority of Americans with this crucial estate planning document, then you probably recognize the risks of not having a will. Simply creating a will does not mean that your estate plan is complete or final. It is best practice to regularly have your will reviewed every five to seven years. In some cases, it may even need to be revoked and redrafted entirely. Usually, revoking a will is a purposeful act on the part of the will maker.

Would you like to provide your children or loved ones with an inheritance but protect them from the risks that may accompany a large windfall? If so, you can create a beneficiary-controlled trust in which the person you name as the trust’s primary beneficiary has rights, benefits, and control over the property held by the trust, but with important protections. In a beneficiary-controlled trust, you can name the primary beneficiary as the sole trustee, or if you name a co-trustee, the beneficiary can be given the authority to remove the co-trustee and select a successor co-trustee if they choose. In addition, a beneficiary-controlled trust may include a general power of appointment that enables a beneficiary who is also trustee to choose the beneficiary of any remaining trust property once they pass.