[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/nmichlaw.com\/blog\/setting-up-an-educational-trust\/#BlogPosting","mainEntityOfPage":"https:\/\/nmichlaw.com\/blog\/setting-up-an-educational-trust\/","headline":"Setting Up an Educational Trust","name":"Setting Up an Educational Trust","description":"You know that your heirs will not necessarily have to work because you\u2019re wealthy enough to leave them assets they could live off of for life. While they may see this as a positive, it actually worries you. You do … Continue reading →<\/span><\/a>","datePublished":"2020-10-13","dateModified":"2022-06-20","author":{"@type":"Person","@id":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/#Person","name":"Alward Fisher","url":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/","identifier":10,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Alward Fisher","logo":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","width":288,"height":103}},"image":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/10\/feature-home-mobile-1.jpg","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/10\/feature-home-mobile-1.jpg","height":"100","width":"100"},"url":"https:\/\/nmichlaw.com\/blog\/setting-up-an-educational-trust\/","about":["Estate Planning"],"wordCount":368,"articleBody":"You know that your heirs will not necessarily have to work because you\u2019re wealthy enough to leave them assets they could live off of for life. While they may see this as a positive, it actually worries you. You do not want your heirs to become complacent or take their money for granted. You still want them to be motivated and driven, and you believe that all starts with a good education.The good news is that you can use trusts to dictate how they use your money. You don\u2019t simply have to leave it to them when you pass away. For instance, an educational trust can only be used for costs related to education \u2014 tuition, rent, books, etc.When you set up this account, you guarantee that they\u2019ll have a stable future and you do provide for them, but you do it in a way in which you\u2019re still in control of the money. You still choose how they spend it. If you leave them enough money to go to the University of Michigan for free, you don\u2019t have to worry about them wasting that money. They\u2019ll use, they\u2019ll get a world-class education, and you\u2019ll ensure that they get everything they can out of life, despite your wealth.It\u2019s best to get these plans in place\u00a0as soon as you can. It helps your money go farther. It also gives you a chance to talk to your heir about their future plans and explain the ways in which you\u2019ve already set them up for success.If you want to use trusts or\u00a0other complex estate planning options, take the time to learn everything you can about the process.About the AuthorLatest PostsAlward FisherAt Alward Fisher, we provide more than savvy legal representation. We provide peace of mind. Peace of mind for your business. Peace of mind for your family. And the peace of mind for your future. No matter what types of legal challenges you are facing, we can help you find solutions.Can Someone with the Power of Attorney Change a Will?Can a Divorce Be Denied in Michigan?What Is the Downside of Collaborative Divorce?"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/nmichlaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Setting Up an Educational Trust","item":"https:\/\/nmichlaw.com\/blog\/setting-up-an-educational-trust\/#breadcrumbitem"}]}]