In the case of most wills, the basics are fairly simple as to who the money will be left to and the only important matters which arise are the ages at which the beneficiaries would inherit absolutely and whether there is suitable provision for them to be looked after till that age. And of course how best tax may be saved, which usually takes up most of the time and effort The process would involve a meeting with lawyers and financial advisers not so much to discuss which of the beneficiaries will benefit, but more to decide upon the structure that the estate plan should take so that tax is minimisedAny discussion around who should benefit will be brief and it is assumed that the clients will have made their mind up about the issue of whom. After all the advisers will rarely even have met the children let alone grown to know them well
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Certainly any good adviser will point out that no beneficiary should inherit until a certain matter age. It is only be accident rather than design that any child of 18 would become absolutely entitled immediately to any substantial wealth.So the advisers will discuss ages over the age of 21, suggesting 25 may be more suitable.In the case of vast wealth distributions may be staggered over 30 or 40 years.Many. Estates will have provisions that only allow the distribution of income ( from estate assets ) over the lifetime of a beneficiary with the estate being continued in similar fashion foe several coming generations.
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ConsiderationsFor Incentives some areas for consideration are education, occupation, marriage, faith and culture. You may also wish to ensure that your beneficiaries have a reasonable set of common life skills so that they turn out to be well rounded individuals whilst retaining their individuality
Much depends on the family, the size and extent of the wealth and on your values and wisdom. The process of considering incentives as part of your estate planning will lead to much more than just your will at the end. It will provide a valuable chance for reflection and consideration of many important areas of your life.Incentives can be a mixture of entertainment, encouragement, education and so on. There is an ample list of incentives covered in our book on this subject and a small selection is set out on this site. Please see the menu above
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