News Article
George Ragland Discusses “Inheritances with a Catch” with Private Wealth Magazine
January 15, 2013
WINSTON-SALEM, N.C.—Womble Carlyle Trusts & Estates attorney George Ragland discussed the growing trend of adding stipulations to wills in Private Wealth Magazine. The article, titled “Inheritances with a Catch,” is the cover story in the Nov/Dec 2012 issue.
Increasingly, wills come with significant strings attached. Placing an inheritance in a trust for a period of time has long been a common practice. But the stipulations in wills are becoming increasingly complex and stringent. Some may stipulate that the inheritance can only be spent at a particular school, for example, or that a family member won’t receive an inheritance unless they divorce their spouse.
Sometimes, the benefactor will give the trustee the power to stop payment if they suspect the money is being used for an activity that the benefactor would not have desired.
“The creator of the trust is actually asking his trustee to have surrogate judgment in deciding to pay money out,” Ragland tells Private Wealth Magazine. “We’re seeing this more and more.”
George Ragland has worked almost exclusively in the areas of estate planning, estate administration, trust administration and charitable gift planning since 1968. He has planned and administered "standard" estates consisting of residences, securities, life insurance, savings and retirement plans, as well as estates containing family business interests of many varieties, airplanes, livestock operations, timberland and shopping centers. Ragland practices in Womble Carlyle’s Winston-Salem office.
Increasingly, wills come with significant strings attached. Placing an inheritance in a trust for a period of time has long been a common practice. But the stipulations in wills are becoming increasingly complex and stringent. Some may stipulate that the inheritance can only be spent at a particular school, for example, or that a family member won’t receive an inheritance unless they divorce their spouse.
Sometimes, the benefactor will give the trustee the power to stop payment if they suspect the money is being used for an activity that the benefactor would not have desired.
“The creator of the trust is actually asking his trustee to have surrogate judgment in deciding to pay money out,” Ragland tells Private Wealth Magazine. “We’re seeing this more and more.”
George Ragland has worked almost exclusively in the areas of estate planning, estate administration, trust administration and charitable gift planning since 1968. He has planned and administered "standard" estates consisting of residences, securities, life insurance, savings and retirement plans, as well as estates containing family business interests of many varieties, airplanes, livestock operations, timberland and shopping centers. Ragland practices in Womble Carlyle’s Winston-Salem office.
This document is intended as an informational reminder and does not constitute legal advice. If you have any questions or would like to discuss a particular situation, please contact Womble Carlyle Sandridge & Rice, LLP. The purpose of this article is to provide general information about significant legal developments and should not be construed as legal advice on any specific facts and circumstances.
