Dealing with Young Heirs
Protecting young heirs presents its own challenges. Leaving a substantial inheritance to an 18 year-old child, for example, is often a recipe for disaster.
So, what can be done?
The easy answer is to delay the inheritance until the child is more mature. So, a Will or a Trust can hold an inheritance back until the child has reached age 25 or even 30.
Better yet, it can parcel the inheritance out in multiple installments. For example, 10% of the inheritance can be paid at age 22; then another 20% at age 26; and the balance at age 30.
That way the heir can learn from his mistakes at an early age so that, when the bulk of the inheritance is received at age 30, he will have a much better chance of handling it responsibly.