Effectiveness In order for the incentives to be effective, they have to be well implementedIn terms of the Foundational Incentives, suitable trustees would have to be appointed to oversee proper implementation. Much will depend on the nature of the Incentive, the beneficiaries and the availability of suitable Trustees
With regard to Important Incentives and Simple Incentives, the implementation can be made a little more flexible, for example the beneficiary could, if old enough, be trusted to oversee himself.
Do more words in bold for contrastThere are no easy answers to the issue of rigid implementation and there are various aspects which may be difficult, such as having satisfactory evidence that implementation has indeed taken place and to the degree stated. In the event that the beneficiary chooses not to carry out the Incentive then the set amount would be given elsewhereWe cover in more detail aspects of how incentives may be best implemented in our book on Estate Planning and Incentives
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Drafting
Incentives in the way that they have developed in modern times are an innovation and particular care needs to be taken with regard to the drafting of the Incentives. It is important that advice is taken from those who are familiar in this type of estate planning and who have available a range of suitably drafted precedents for incentives
There is also the question to consider as to how often the will is going to be reviewed, as certain incentives may be more suitable for beneficiaries at certain ages and you never know when the final day will come.
Careful thought has to be applied to ensure that the incentives stated are viable at the age that the beneficiary has to carry them out. The Incentives will have to be carefully crafted to ensure that there is no ambiguity or misunderstanding.
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