How can I ensure my teenage children use their inheritance wisely? |
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Source: Financial Mail Women's Forum, 25th September 2010 My teenage grandchildren will inherit a large sum of money when I die (around £150,000 each). I would like to ensure this money is put to good use, for example to buy a property. Are there any safeguards I can put in place to ensure they will use this money sensibly? Emily, Ilkley, Yorkshire One solution would be to create a trust within your will. This will result in the inheritance being paid to your selected trustees, rather than direct to your grandchildren, and they will then have discretion on when to make payments to your grandchildren. You can give the trustees guidance, preferably in writing, of your wishes to help them manage the trust. - Lesley Collins, Chief Executive, Independent Women |
