Attorney Jeffrey P. Coleman describes how someone can specify how and when their children can receive their inheritance using an estate plan.
In a will, or in a trust under the will, or a separate trust, you can control how your money goes to your children.
For instance, we frequently have trusts set up under the terms of the will which sprinkle the assets out to the children over a period of years. So for example, you might see one-third going to the child when they graduated from college or reach the age of 25 (whichever occurs first), and you would then sprinkle an additional one-half of the remainder at age 28 and the final balance at 30. These decisions are up to you. They need to be crafted to fit your particular circumstances and the children involved. Seek legal counsel for these important decisions.