Keeping your kids from spending their inheritance
How do you keep your kids from spending their inheritance all at once?
There are trusts the can be set up within a Will to protect children from spending their inheritance all at once. The trust can take effect after you die or take effect while you are living.
The trust will ensure that you have a trustee in place to give distributions to your beneficiaries (children or grandchildren). The trustee can distribute the funds to the beneficiaries for health, education, maintenance and support. These terms ensure that a child or grandchild does not get a lump sum of money outright. This type of trust is called a spendthrift.
Learn more about Trusts here.