When leaving money to our grandchildren for inheritance, do we have to leave a set amount all at once, or can we choose to have different amounts released to them over the years?

My spouse and I are 79 and 77 years old. We have $2,000,000 in assets and want to transfer some of that to our grandchildren when we pass. Instead of giving them each a set amount all at once, is it possible to give them certain amounts over the years? For example, can they receive $40,000 when they turn 40 years old, $50,000 when they turn 50 years old, and so on?

Financial Planning, Retirement Living, End of Life
Answers
Sort By:
Most Helpful
3 weeks ago

Yes, this is possible, but you will need to work with an estate planning attorney to create a trust with these instructions.  Also, a trustee will have to be appointed to carry out your wishes through the decades.  This could be a family member or a friend (whom the trust should pay for their efforts) or a hired corporate trustee.  This could be an expensive proposition to plan and carry out, so decide how important it is to you to direct these assets from beyond the grave and then move forward with your attorney.

3 weeks ago
2 weeks ago
4 weeks ago
4 weeks ago