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In this video I focus on the decisions you will need to make when you have one or more children or heirs who, let’s just say, don’t share the same appreciation for saving and preserving money that you do. In other words, you have one or more heirs who may be in their 20’s, 30’s, 40s or 50s, and you just know, based on their prior less than financially mature actions and behaviors, or due to the fact that they are in an unhealthy relationship, or they have addiction issues that are difficult to cope with, that they’ll spend, give away, consume that future inheritance that you give them if you simply dump that lump sum of an inheritance in their lap when you pass away. Of course what you’d like to see happen is that inheritance be set aside, managed properly, invested, budgeted, and allowed to improve the quality of life for that child or heir for the remainder of their lifetime.

So once you get to that point of, “I’ve seen enough from that child. I’ve worked too hard to have that child’s inheritance just wasted away when in reality, my child will really need that inheritance to provide for their own food and housing after I pass away.”

So let’s dive into what decisions you will make in order to enable that inheritance for that financially imperfect child to be positive and impactful. So, in my mind, there are a few major decisions that you will make when leaving an inheritance in a trust for your child, along with other decisions as well.

0:00 When Kids Can't Handle an Inheritance
1:16 The Decisions Necessary for an Impactful Inheritance
1:59 Mechanics of Leavings Assets to a Trust
2:43 Outright versus In Trust
3:06 Who Will Be the Trustee?
3:36 The Trustee Thought-Selection Process
6:02 When Happens to Trust Income?
7:02 When is Trust Principal Distributed?
8:59 When Does the Trust Terminate?
9:50 Or, "I'll Be Dead"
10:16 AEPL