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First published in Great Britain by Graceful Web Publishers Copyright Š Nish Patel 2013 Nish Patel asserts the right to be identified as the author of this work ISBN - to be allocated First Published on FlipSnack
All rights reserved. No part of this publication may be reproduced, or transmitted in any form or by any means without the written permission of the publishers
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Estate Planning and Incentives Contents Introduction Process Considerations Consultation Ethos Amount Categories Methods Implementation Drafting Wealth Incentives List
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The concept of Incentives in Estate Planning In essence, you will be asking your beneficiaries to carry out some task or occupation, after your death, which you believe would improve and enhance their life. In order to ensure that they carry out your wishes you are providing them with an inducement, namely the awarding of a sum of money from your estate upon accomplishment of the task. The rationale is that rather than just leave money to your beneficiaries and let them spend it as they wish, inducing them to engage in tasks considered to be improving, will enhance their lives. The reward for the task may be a small sum or a large fortune depending on circumstances.
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Process Considering Incentives also makes the process of making your will more interesting. You will get a chance to ponder over your family ethos, and your values and desires. This will help to fashion inducements to shape your future generations, in many ways, some minor and some of profound significance The process may also help you whilst you are alive for if the beneficiaries know that you are setting out incentives for them in your will, they may please you by carrying out the task while you are alive. Wishful thinking, may be but it is wise to take the chance Either way, good thoughts applied practically never go to waste and practical innovation is to be welcomed in Estate Planning
Incentive Trusts Incentives can be set out simply with simple conditions, with no one other than the beneficiary ( if old enough ) being made responsible for ensuring that she does not use the gift until the conditions have been fulfilled. In the case of simple incentives you may trust the beneficiary to oversee herself. Alternatively you may create an Incentive Trust, with the appointment of Trustees to oversee and ensure that the conditions relating to the Incentive are satisfied before distribution. 6 Sunday, 16 June 2013