What is a generation-skipping trust?

A generation-skipping trust is a type of trust that allows a person to leave money and assets to their grandchildren or other younger relatives while bypassing their own children. In New Hampshire, this type of trust is commonly used by individuals who have a large amount of wealth and wish to ensure that their grandchildren or other beneficiaries receive a sizable portion of their estate without paying additional taxes. Generation-skipping trusts are an important part of trusts and estates law in New Hampshire because they help to ensure that a person’s wealth is distributed as they wish it to be. These trusts are often used if an individual wishes to pass assets directly to their grandchildren or other younger relatives instead of having their assets go through the probate process. Because generation-skipping trusts are often used by individuals to ensure that their wealth is distributed efficiently and according to their wishes, it is important that these trusts are established properly. When creating a generation-skipping trust in New Hampshire, an individual should consult with an attorney to ensure that their trust is valid and legally binding. Furthermore, it should be clearly specified who should receive the assets, when they should receive them, and how they should be distributed. This ensures that the trust is structured and administered correctly and that the right beneficiaries receive their portion of the trust.

Related FAQs

Can I set up a trust without legal help?
What is the difference between a revocable and an irrevocable trust?
How do I name a beneficiary in a trust?
What is a revocable trust?
How can I create a trust?
What is a trust agreement?
What is a generation-skipping trust?
What is a trust?
What is a trust document?
What is a durable power of attorney?

What is a generation-skipping trust?

Related FAQs

Related Blog Posts