Make sure beneficiaries work for their inheritance with an Inheritance Trust, also known as a Beach Bum Trust!
Incentivising Trusts are an excellent way to encourage beneficiaries to work for a living or go to university or any other wish rather than simply inheriting from your estate.
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Inheritance Trusts have been referred to as Beach Bum Trusts in the media making them sound like a gimmick. However, they are becoming increasingly popular.
In layman terms, the Trust will match whatever income the beneficiary earns throughout the year. So, if they have no income as they had a previous bank balance which allowed them to not work and to be a ‘beach bum’, then they would not receive anything from the Trust. If the beneficiary is in employment and earns an income, the Trust can match the income in question.
An Inheritance Trust ‘could’ match whatever income the beneficiary earns throughout the year, therefore if there is no income being earnt by the beneficiary, they will not receive money from the Trust. Equally, a bonus and/or stand-alone payments could be made for completing University could be made. Ultimately it is up to you to decide when and for what reason or achievements you would like your beneficiary to benefit from the Trust.
This a great way to incentivise beneficiaries to reach their full potential rather than simply living off their inheritance.