I don’t want my children or grandchildren to get a large inheritance when they hit 19 years old. How do we ensure they get an inheritance but do not get control of all the money until a later age?
You can control at what age your children and grandchildren will receive their gifts under your will by setting up trusts for them in your will. You can also specify that your children or grandchildren should get small portions of their gifts at different times. For example, you may want each of your children to get a set amount when they turn 19 and then the rest of their inheritance when they turn 25. You may also want your minor children to receive money before they turn 19. While you cannot make an outright gift to a minor child, you can set up the trust in your will to give your executor the power to spend money on that child for that child’s benefit before he or she turns 19. The executor can then use the child’s inheritance to pay for tuition or rent while that child is going to university.
- Who needs to have a will?
- What does a will normally have in it?
- Who do I need to appoint in my will to handle things when I die?
- What happens if I die without a will?
- What happens if my will is found to be invalid?
- Can someone challenge my will?
- I want to exclude a child from receiving anything in my will, or leave them much less than the other kids. Can I do this?
- I’ve been told to consider trusts for my children in my will. Is this worthwhile and how do I accomplish this?
- I have a will but it is old – how often should I review it?
- I’ve moved here from another province where I had done a will. Is my will from that other province still valid?
- I have disabled children or family members and want to leave them an inheritance, but do not want them to lose their disability benefits. How do I accomplish this in my will?
- I have no family members who I want to be my executor or trustee. Who can I appoint to handle my affairs?
- I want to donate some money to charity when I die. How do I accomplish this in my will?
- I have property in another province or in another country. Will my BC will govern those assets?
- I do not like my child’s spouse. How can I ensure that the inheritance I leave is not going to get into that spouse’s hands?
- I don’t want my children or grandchildren to get a large inheritance when they hit 19 years old. How do we ensure they get an inheritance but do not get control of all the money until a later age?