Many people do not realize that they do not have to set their estate plans up so that their heirs inherit money immediately. You can wait to give the money until a later date. You can even make portions of your estate plan changeable by your heirs should circumstances change.
A good example of these tools comes from Princess Di’s Will. Her Will states that Prince William will receive $16 million when he reaches 30, which happens to be this year. It also gives William the ability to change the terms of the Will to give a bigger portion of the estate to Prince Harry, his younger brother. Because William, will receive the income from the Duchy of Cornwall if his father becomes King of England, he might be willing to give Harry a larger portion of his mom’s estate.
When it comes to Wills and estate planning, the English and American systems are very similar. Americans can use the same methods that Princess Di used to wait until her children are old enough to trust them to be responsible with large sums of money. If you do want to use one of these tools, see an estate planning attorney. They must be set up correctly and there are several legal traps that need to be avoided.