At what age should children receive their inheritance?
by David M. Israel
A beneficiary can be of any age, and even unborn at the
time of making the will. The question of age of the
beneficiary arises only in respect of when he or she is entitled
to the inheritance. If no age is specified, and the beneficiary
is under the age of majority, the inheritance is held in
trust until the child becomes 18. If the age is specified,
the inheritance is held in trust until the beneficiary reaches
that particular age. Typical wills provide that the trustee
of those funds may be able to use the funds for the benefit
of the beneficiary in the period between the death of the
testator and the date upon which the beneficiary becomes
entitled to the inheritance. The trust arrangements upon
which provide for living, educational or other expenses to
be paid prior to the age of entitlement in the will. It
is worth noting that most clauses of this nature give a wide
range of powers and absolute discretion to the trustee, even
to pay out all of the funds prior to the specified age. Thus,
it is very important to choose trustees wisely.
There is a growing tendency to increase the specified age
of receiving inheritance from eighteen to at least twenty
one or older. Most people would now prefer that their
children receive their inheritance after completing all schooling.
The most preferred age today is twenty-five.
To contact the author, please email disrael@smhilaw.com
The information contained in this message is general
and should not substitute for the advice and counsel of
a licensed lawyer. |
