Estate Planning: Can I say how my inheritance should be used?
We’ve all heard of cases whereby a cash strapped individual has unwisely spent a windfall, gained through an inheritance – perhaps splashing out on toys for the children, holidays, or a new car, rather than saving it for a rainy day or investing it appropriately.
It can be sickening to think that the money you earned and saved through a lifetime of hard work and careful spending can be frittered away so easily. But is there a way to ensure that the money you leave to your loved ones is spent in the way you see fit, even after death?
Although you can’t dictate precisely how the inheritance should be spent, setting up a trust so that the money is cared for by adults until a child reaches a certain age, or similarly placing such conditions within your Will helps to maximise the chances of your hard earned money being spent on something sensible, rather than frivolous.
When planning your estate or writing your Will, make sure you express your wishes clearly, so that appropriate steps can be taken to include a trust or conditions within your Will.