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.

Copyright © 2016-Present | Montgomery Miles & Stone Law Firm. All Rights Reserved
Website Powered by Cutting Edge Concepts