Wills and Incentives
First published in Great Britain by Graceful Web Publishers
ISBN - to be allocated First Edition on Issuu
Copyright ÂŠ Nish Patel 2013 Nish Patel asserts the right to be identified as the author of this work
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
Estate Planning and Incentives Contents Introduction Process Considerations Consultation Ethos Amount Categories Methods Implementation Drafting Wealth Incentives List
The Magic of Incentives
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.
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 and ensure that the conditions relating to the Incentive are satisfied before distribution.
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. 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.