Many people put their money in trusts because they know their children or grandchildren aren’t ready to directly control the wealth. The question they struggle with is when money should be released from the trust directly to the beneficiaries. Here’s a succinct summary of the factors that show a person is ready to inherit wealth. It doesn’t give specific ages but targets personal factors. It shows that parents have to begin preparing children to inherit wealth. It’s not something that happens by virtue of reaching a certain age or a milestone, such as graduating from college.
1. How to earn their own money and live largely contentedly off of money they’ve earned – The interviews I conducted revealed a fascinating truth: children raised with wealth feel most successful when they earn enough income to live largely within their own means, and know in their heart of hearts that they would be able to support their basic needs if the family money were to disappear tomorrow. A number of the grown children I interviewed said that it wasn’t until they reached this point in life that they felt like they were their own person.