How can I protect the inheritance of children or beneficiaries who are young or due to the lack of their financial management skills, should not be receiving an inheritance in a lump sum?
If you are concerned that a child or beneficiary may not responsibly handle an inheritance that is handed to them in a lump sum payment, you should consider leaving their inheritance in a trust for them. By leaving their inheritance in a trust for them, you can designate someone else to be the trustee of that trust, and you can give direction regarding when the beneficiary can access the trust principal. For example, you could provide that the trustee may use your child or beneficiary’s inheritance for your child or beneficiaries health, education, maintenance, or support, and you could provide that the beneficiary receive the remaining trust principal either at a certain age or ages, or you can provide that the trustee can have the discretion to determine when the beneficiary may receive the trust principal.