Dealing With Immature Heirs
It is a rare parent these days who feels that his or her children are mature enough to handle a substantial inheritance.
As a result, it is important that such an inheritance be provided with certain controls that encourage the heir to handle the gift with maturity.
Within a Simple Will, a parent can delay the gift until the child reaches age 21, but not any later. Unfortunately, most parents do not expect the necessary maturity to take root until a child reaches at least 30 years of age.
The better solution for the quandary of immature heirs is the use of a Living Trust of Family Trust. Not only can such a trust delay the gift until the heir has matured, it can also parcel the gift out to the heir in a fashion that actually builds the heir’s maturity.
By starting with a small share of the inheritance at an earlier age, the parent can begin to teach the child the importance of self-discipline in the handling of the inheritance. That reduces the chances that the later, more substantial installments of the inheritance will be handled and invested appropriately.
As in most of life, practice makes perfect, even in the arena of inheritances.
Author: Barry Peters. For additional easy-to-understand information on Wills, Trusts, and Probate, call attorney Barry Peters’ offices at (208) 939-2600 for your expedited appointment for a FREE OFFICE CONSULTATION or visit his Q & A pages at BarryPeters-Law.com/answers-to-questions. As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.