Question 3: What if my heirs are young?
- What if I don’t feel my heirs are old enough to receive an inheritance yet? In a Trust, you can delay the payment of the inheritance until the heir turns the age at which you believe he will be old enough to handle the inheritance well. Better yet, if the amount left to a young or immature heir is substantial, you can pay the inheritance in several installments. For example, you could specify that the heir will receive 10% of the inheritance at age 22. Then 20% more could be paid at age 26 with the remaining 70% being held until age 30. This approach has the advantage of letting the heir cut his teeth (and make his mistakes) on a smaller share. The heirs’ youthful mistakes should yield a greater maturity when the bulk of the inheritance passes at age 30.
- For additional information on this topic, see blog discussion here.
Wit & Wisdom
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