How can I ensure my kids won’t mismanage their inheritance?
- You could appoint a guardian in your will. If you die before your children turn 18, their guardian would be responsible for helping them make decisions about their finances and other important matters
- You could move some of your assets into a family trust while you are alive and name your children as beneficiaries of the trust. After your death, these assets would be then be managed by the trustees you’ve appointed
- You could set up an inheritance trust for each of your children and include a note in your will specifying when they should receive their inheritance. If you die before your kids reach this age, their inheritance would be transferred into the trust until they are old enough to receive it
Note: This post is brief and general in nature. You should not treat it as legal advice and should seek professional advice before taking any action in relation to the matters dealt with in this post. Armstrong Murray accepts no liability for losses suffered by any person or organisation who may rely directly or indirectly on this post.