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. The eventual structure that is used will depend much on the nature of the Incentive and the likely character of your beneficiaries at the appropriate time. A matter of the balance and harmony of your wisdom, the beneficiaries aspirations and what is practical.
Considerations For incentives some areas for consideration are education, occupation, marriage, faith and culture. You may also wish to ensure that your beneficiaries have a reasonable set of common life skills so that they turn out to be
well rounded individuals whilst retaining their individuality ( or not as the case may be ) Much depends on the family, the size and extent of the wealth and on your values and wisdom. The process of well considered estate planning will lead to much more than just your will at the end. It will provide a valuable chance for reflection and consideration of many important areas of your life.
The Process In the case of most wills , the basics are fairly simple as to who the money will be left to and the only important matters which arise are the ages at which the beneficiaries would inherit absolutely and whether there is suitable provision for them to be looked after till that age. By considering the use of incentives as a part of your estate planning, the process takes on a whole unique form and aspect. It gives you an opportunity to consider and reflect how you view the use of your wealth over the future. It gives a chance to consider your personal and family ethos, financial and otherwise. Such reflection serves you well in fashioning and creating suitable Incentives. Consultation
As part of this process you may wish to consult the intended trustees to ascertain their views on Incentives. Where suitable you may also discuss aspects of your potential plans with your beneficiaries and take their views into account where sensible and not too distressing. Much depends on the involvement you may wish the beneficiaries to have in this process and what value may be derived from that involvement. At times families may wish to discuss Incentives with other family members to obtain a better idea of the range of Inducements that could be oered.