Making important decisions about who will inherit from you, how much they will get, and in which amounts is what your will is about. If you have particular worries about a recipient or if the inheritance could be in danger, this might get more complex.

There are plenty of reasons why you may want to retain a little influence over your assets even after you pass away and are no longer able to enjoy them personally, like second marriages, family disputes, or economically troubled children. If you need help to put a condition on your will, contact a wills and trust attorney. 

How do you put a condition on a gift in your will?

What is a conditional gift?

Many gifts provided will allow the receiver instant access to your money or other assets after your death. Anything that the receiver can only receive according to specific conditions is known as a conditional gift.

The requirement can be something that will undoubtedly take place, like the death of another beneficiary, even though it is not sure when it will occur. As an alternative, the condition might be anything reliant upon the receiver fulfilling a specific need.

Pros of conditional giving

  • Conditional gifts provide you more control over your assets after death as they meet for unexpected occurrences. If an attorney correctly designs a conditional gift, it will cover a number of situations.
  • Gifts subject to the recipient’s age can protect an inheritance since many parents and grandparents think their children are not as likely to utilize their inheritance wisely at age 18 as they may be when they are 25.
  • If the relationship is already problematic and likely to end in divorce, a gift that is conditional on the beneficiary’s divorce may protect assets from getting involved in the divorce proceedings and prevent your assets from ending up in the hands of your loved one’s ex-spouse.

Cons of conditional giving

  • Your loved ones might get nothing at all if you try to put conditional gifts in your will with conditions that are either excessively stringent or too unlikely to come true.
  • If a gift has too many limitations, it might be difficult and perplexing to manage under your estate.
  • Putting a conditional gift in the will without first seeking the proper legal counsel may result in confusion and miscommunication, which might stop the gift from occurring or from achieving the desired result.

Contact a lawyer

Although conditional gifts are an effective way to maintain some control over your assets, you should always get legal and appropriate guidance prior to making any gifts. Make sure the gift reflects your views and has been legally permitted by getting in contact with your lawyer.