Giving to loved ones in the form of an inheritance is an important matter in one’s estate plan. Careful planning can help ensure your control over the use and enjoyment of your gifts after your departure. Recently, The Wall Street Journal considered the notion of goal-driven bequests in an article titled “How to Control Your Heirs From the Grave.” Good news: there are steps you can take now to guarantee that certain preconditions are met before inherited assets can be released or used. So, what kind of “guarantees” do you want to ensure after you’re gone? That depends on you, your family, and what is of true importance to you. Maybe you want to curtail irresponsibility by calling for a drug test before receipt of an inheritance, or encourage responsibility by requiring a college degree. Since there are limits to the guarantees you can secure, you should seek competent legal counsel to aid in your wealth transfer planning.
Reference: The Wall Street Journal (August 10, 2012) “How to Control Your Heirs From the Grave