Children “Not Ready” for Inheritance According to Study

A new report from a financial group has found that four out of five “baby boomer” parents do not believe their child is ready for an inheritance.

According to many, children would struggle to handle an inheritance and use it wisely with many stating that their children do not have the skills, experience and knowledge to handle a substantial amount of capital.

Although you may have some concerns over the way an inheritance could be handed down, there are a number of steps that you can take to try and manage your inheritance, especially if you believe your child is not ready for it.

Managing Your Inheritance

When managing an inheritance it is important to speak to those that may benefit about your wishes. If you communicate your wishes, it can solve some issue that may arise once you are gone. As well as this, you could also share some wealth when you are alive with your children or beneficiaries to ensure that you are making the sum more manageable.

However, choosing how to pass down your Will can be difficult and exceptionally complex. Therefore, it is important to speak to a team of solicitors to ensure that your Will or trust is correctly drafted and legally binding.

If you are worried about passing on an inheritance, there are many options that you can take to ensure that your inheritance is passed down in a way that you see fit such as testamentary trusts that can split income among beneficiaries.

Contact Us

If you wish to speak to our solicitors regarding the creation of a Will or for any other legal matter regarding an inheritance, contact us today using our online contact form.

SOURCE

http://www.news.com.au/finance/money/wealth/life-after-death-is-a-worry-for-baby-boomer-parents/news-story/8306048943687ab4a343fc175e17b92d