Some who bequeath money for travel want their offspring to connect with their heritage, culture or religion. They might go so far as to require the beneficiary to study or take courses in a particular country.
Have you considered leaving your loved ones a legacy of experiences through travel? As pointed out in a recent article from the Philadelphia Inquirer, people are passing on a new type of inheritance in the form of a Travel Trust.
True to its name, a Travel Trust is a specialized trust designed to do one thing and one thing only: give your beneficiaries the chance to travel as you always wanted them to. 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. This can be a powerful way for families to keep traditions alive, and even ensure for the possibility of specific religious trips, when financial concerns or hectic daily life could otherwise let them slide.
One unique aspect of these types of trusts is that they can be created with reasonably small sums of money. For example, The Philadelphia Inquirer article refers to an instance involving a Travel Trust of $6,000. You may want to consider this option if your estate is relatively small and you have a specific travel experience you would like to pass on to your loved ones. As with all trusts, Travel Trusts can vary greatly – but they are truly unique gifts for your heirs. If you would like more information about travel trust and if they would benefit your estate, contact your estate planning attorney.
Reference: Philadelphia Inquirer (August 20, 2012) “Inheritance travel: Trusts can fund trips for heirs”