One of the important aspects of developing your estate plan in Ohio is to determine who will get your assets. For most people, this means delegating your money. You will likely leave it to your spouse, if you have one, and your children. However, if you are doing your estate planning early, as you should, your children may still be young.
Your new issue is deciding at what age to allow your kids to have their inheritance. This is something many people struggle with, but there are a few good options to help you figure out what will work best in your situation.
Forbes suggests considering a gradual release of an inheritance based upon your child’s age or upon the occurrence of certain events. For example, you could release a portion upon your child’s 18th birthday, then another on the 21st birthday and so on. You could also release a certain amount upon completion of high school and then upon completion of college.
A similar option is an incentive trust where the money is only released after something specific occurs. For example, if you want to ensure your child completes a college degree, you could make it so the trust will not pay out until the degree is earned.
Finally, if your child is older right now, you can always test your child by giving him or her a monetary gift and seeing how well he or she does with it. If your child is unable to handle the money, then you could set the age for the inheritance further in the future. This information is educational only and not legal advice.