Whitney Houston, beloved singer and actress, left her entire estate to her 18-year-old only child Bobbi Kristina Brown. The wealth transfer was divided into three age-based distributions, with the final transfer scheduled at age 30. However, things got complicated when Brown too died, at 22, before inheriting her mother’s estate.
In this episode, David Lenok is joined by Jennifer Proper, managing director of Wealth Strategies at Pitcairn, to discuss the benefits and pitfalls of age provisions within trusts and the importance of balancing protection with the beneficiaries' will.
David and Jen discuss:
- Key advantages and disadvantages to having age provisions in trusts;
- Some of the most common clauses in trusts;
- Why communication is essential to drafting an effective will;
- How far is too far when creating trust restrictions; and
- And more.