Video Summary:
Can I help control my children from spending their inheritance at age 18? If you are preparing estate planning documents or a Will or a Trust, that’s how you control your children being able to spend their inheritance. You can say that you leave your estate to a trustee and direct the trustee to hold the money for your children until they reach a certain age and use the money until they reach that age for their health, education and maintenance. After a certain age, you can direct it all, or a portion of it is then distributed to the child. I usually use a formula of you give ’em a third at age 25. The half of what’s left at age 30 and the balance is age 35. That’s based upon my recollection of me growing up and me being smarter at age 21 or 18, than I’ve ever been in my life, that I had all my answers to all the questions, and I knew everything and probably wouldn’t make wise decisions with the money. So the way you do that is by giving the property left to a trustee. If you have any questions, give me a call at (727) 847-2288.