Ascertainable standards: Why you need to know about them
Abstract: To design an effective estate plan, it’s important to strike a balance between minimizing taxes and retaining control over how wealth is distributed. In doing so, the language used in wills, trusts and other estate planning documents is critical. One area that demands precision is the use of ascertainable standards, which limit distributions to amounts needed for a beneficiary’s health, education, support and maintenance. This article explains why it’s important that these standards be clearly and precisely defined and covers which standards are ascertainable.