Whether it’s trying to make sure that their children stay in touch despite geographical distances or wanting them to become acquainted with family roots in another country, some people are deciding that travel should be a part of their legacy.
The inheritance you leave to your loved ones may include many things, but what if you could leave a legacy of experiences for your loved ones? According to a recent article in the Philadelphia Inquirer, more and more people are setting up Travel Trusts to ensure their loved ones enjoy travel-related experiences.
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 advantage of Travel Trusts is that they can be established with relatively small sums of money. The Philadelphia Inquirer article refers to an instance involving a mere $6,000. This may be an option to consider, especially if your estate is relatively small and you have a specific travel experience you would like to bestow on your heirs. As with all trusts, Travel Trusts can vary greatly but however structured, they surely are unique gifts for your loved ones.
Reference: Philadelphia Inquirer (August 20, 2012) “Inheritance travel: Trusts can fund trips for heirs”