Giving a young adult a lump-sum inheritance is a mistake, even if you trust them. Human nature leads to rapid spending. Instead, set up a trust that distributes the money over several years to prevent it from being wasted.
It's not that you don't trust your kids. It is not that you don't love them. And it's not that you're a control freak. But if you understand human nature, you know that it is a terrible idea to dump a large sum of money into a young person's lap. What would you have done if you had inherited several hundred thousand dollars when you were 21? It just makes good sense for when you're planning for when you're gone to put some structure into the inheritance you give your kids. Set up a distribution plan to stretch out the inheritance over a number of years so that it all doesn't get blown at once. This is easily done in a trust, and it will be one of the smartest things that you have ever done in your life. Sign up for my newsletter on my profile page at the L-I-N-K and you'll learn a lot more about this.
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