Dealing with Young Heirs in Boise, Idaho.
The destruction that occurs when an inheritance is received too early can be massive. The result is both a squandered inheritance and a sadly twisted life.
What if you don’t feel your heirs are old enough to receive an inheritance yet? In that situation, leaving the inheritance under a Simple Will is possibly the worst thing that could be done. It’s like giving matches and gasoline to a child. It will end poorly.
In a Living Trust, on the other hand, your lawyer can delay the payment of the inheritance until you believe that your heir will be old enough to handle the inheritance.
Better yet, if the amount that you wish to leave to a young or immature heir is substantial, you can teach valuable life lessons even after you have passed away by distributing the inheritance in several installments. For example, your lawyer or attorney could specify in the Living Trust that the heir will receive 10% of the inheritance at age 20. Then 20% more could be paid at age 25 with the remaining 70% being held until age 30.
This approach has the advantage of letting the heir cut his or her teeth (and make mistakes) on a smaller share. The heirs’ youthful mistakes should yield a greater maturity when the bulk of the inheritance passes at age 30.
With the help of an experienced attorney, you can ensure that the inheritance you leave will be the blessing that you intend. As the book of Proverbs says, “A wise man leaves an inheritance to his children’s children.” If you are careful and wise in how you leave your estate to your own children, that inheritance will grow and, in turn, pass to your grandchildren.
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Whether you live in Boise, Meridian, Eagle, Star, Nampa, or other nearby communities – in fact, anywhere in Ada County or Canyon County – for additional easy-to-understand information on Idaho Wills, Trusts, probate, and estate taxes, visit the user-friendly website at BarryPeters-Law.com. Then call attorney Barry Peters’ offices at (208) 939-2600 for an expedited appointment to begin the process of setting up your own Living Trust. Or, if you have questions, please call Barry for a free telephone consultation or visit his Q & A pages at BarryPeters-Law.com/common-questions. As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.
Wit & Wisdom
The thing that impresses me most about America is the way parents obey their children.
Testimonials
We were both very pleased with your services. You were professional in every way. We found you to be forthcoming and honest about what a trust may or may not be able to do in the future. You gathered our information effectively and prepared our documents timely. During our final meeting you presented our documentation in an organized and efficient manner, and clearly communicated the necessary steps to complete the trust. Thank you for your time and your work on our trust. (Don and Lih S., Boise, Idaho)
