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Home » When Should You Allow Your Children Access to their Inheritance?

When Should You Allow Your Children Access to their Inheritance?

October 30, 2013 by Stephen Unsworth

When you create an estate plan, you can designate an age your children will receive their inheritance if you and your spouse die before your children have reached adulthood. Though it is a difficult question, it is necessary. Under the law, children cannot officially own their assets until they are 18. That being said, do you really want your children to have complete control over their inheritance the second they turn 18?

Protecting Your Children from Themselves

It might sound silly, but protecting your children from themselves is an important step during estate planning. Since the average 18 year old is not responsible enough to manage money, let alone a large sum of money, it is imperative you consider a few of these estate planning tips to protect your child’s financial future and preserve their inheritance:

  1. Consider having someone else manage the funds until your children turn 21, 25 or even 30.
  2. Discuss financial responsibility with your children, especially in terms of budgeting, excess spending and financial planning.
  3. Consider placing your child’s inheritance in a trust that will have scheduled pay-outs rather than a lump sum of money. This can prevent them from going through their inheritance too fast.
  4. Have an accountant oversee your child’s inheritance and assist them with budgeting and financial planning.
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Stephen Unsworth
Stephen Unsworth
Stephen A. Unsworth is admitted to practice in both Vermont and Maine, and has more than 30 years of experience in estate planning and business law. His mission is to provide quality estate planning services, including assistance with Living Trusts, Wills, Medicaid Planning, Probate, Trust Administration, Powers of Attorney, Special Needs Planning, and Family Limited Partnerships.
Stephen Unsworth
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