What if, instead of leaving property to your heirs, you left them experiences. That’s the idea behind a novel kind of trust that, according to a recent article in the Philadelphia Inquirer, more and more people are choosing.
Known as a “Travel Trust,” these trusts are designed to do one thing and one thing only: give your beneficiaries the chance to travel. The terms can be broad or specific, but the main idea is to limit the use of the trust funds for travel—making sure the money is not spent on purchasing a new car, etc.
For some, a travel trust can be a powerful way for families to keep traditions alive, or even ensure for the possibility of specific religious trips when financial concerns or hectic daily life could otherwise let them slide.
Travel trusts can even be established with relatively small sums of money (the Philadelphia Inquirer article refers to an instance involving just $6,000). While the terms may be broad or narrow, travel trusts are just another example of the flexibility available in modern estate planning. As usual, be sure to consult with a qualified attorney before undertaking any estate planning.