Setting Up Beneficiaries For Success

3 Tips To Set Your Beneficiaries Up For Success.

Here are a few pointers for setting up your beneficiaries for success:

Use estate planning tools like discretionary and incentive trusts.

In addition to talking with your beneficiaries about financial well being, you can also use certain types of trusts that will reward their smart behavior. Discretionary and incentive trusts are two such tools that can hold payments until beneficiaries complete college or withhold payments unless beneficiaries are proven to be clean and sober. If you don’t already have a trust like this, we can work with you to tailor these types of trusts to your unique family goals.

Talk to your beneficiaries about the right way to use their inheritances.

Tips about compartmentalizing money for paying off debts and saving for the future might be second nature to you but a complete mystery to your heirs. Teach them the basics of money management and share your knowledge about smart investing. When you define a purpose for the money you’re leaving, you enhance the meaning of your estate plan.

Bake your wisdom into your estate plan.

Consider adding a supplement to your plan that includes your stories, struggles, and journey of success so your wisdom is passed to the next generation along with your wealth.


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