“Travel” Trusts Allow Gifting of Experiences

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.

Years ago, I had a client approach me with what I thought was a pretty novel idea.  She had been a naturalist all of her life and had travel throughout the world. Upon traveling to the continent of Antarctica she fell in love, most especially its penguins.  She wanted her trust to bequeath a trip to this continent to a group of named beneficiaries who then would not only enjoy this incredible experience but would spread her ashes there as well.

As pointed out in a recent article from the Philadelphia Inquirer, this type of planning is not as unique as I thought as more and more people are passing on type of inheritance in the form of a Travel Trust.

True to its name, a Travel Trust incorporates special language designed to accomplish one thing and one thing only: give the 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 these 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 need not be much more expensive than any other customized revocable living trust would be.  You certainly would want to consider this option when creating your estate plan if you have a specific travel experience you would like to pass on to your loved ones. My only problem with the information presented in the Philadelphia Inquirer article is that it suggests that this trust has to be a completely separate trust.  I prefer to create this type of planning as a subtrust of your revocable living trust. 

You can learn more about estate planning and elder law issues on our website. Be sure to sign up for our complimentary e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning.

Reference: Philadelphia Inquirer (August 20, 2012) “Inheritance travel: Trusts can fund trips for heirs

Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment


We have a LOT more where that came from!

We hate spam too. We will never share or sell your information.

Call Now ButtonCall Us Now https://jsfiddle.net/7h5246b8/

Request a free consultation

We hate spam too. We will never share or sell your information.

We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.