Here are some reasons why you might consider this option. You are concerned that your spouse will remarry, and you want to preserve your assets for your children. You are concerned that your child will die before his or her spouse, and you want to preserve assets for your grandchildren. The beneficiary is unable to manage property, and you are concerned that the inheritance will be squandered. Husband and Wife have three children.
Husband owns and operates a small business which is very successful and makes a fortune.
Husband and Wife have wills that leave everything to the other if he or she survives, and if not, then to their children. Husband dies, and Wife inherits the fortune outright. She remarries a man with children from a prior marriage. When he dies, his children inherit the fortune through his will. Mother and Father have one child, Danny.