A Tale of Two $50,000 Inheritances

When it comes to leaving money for the next generation, how you pass it down can be just as important as how much you leave. Take two families, the Millers and the Joneses. Both had a modest $50,000 to leave to their children. But because one family had an estate plan and the other didn’t, their children’s financial futures turned out very differently.

The Millers: No Estate Plan, No Guidance

The Millers didn’t understand how estate planning could set their children up for success. When they passed away, their son Toby inherited $50,000 outright at a young age. With no restrictions or oversight, the money was deposited straight into his bank account.

At first, Toby felt like he had won the lottery. He splurged on the latest video game consoles, upgraded his car, and ordered takeout every night. Within a year, the money was completely gone. Now, with no savings and nothing to show for his inheritance, Toby is back to square one—struggling to build his financial future from scratch.

The Joneses: Smart Planning for a Secure Future

The Joneses also wanted to leave their daughter Bailey $50,000, but they took a different approach—they worked with an estate planning attorney to set up a trust for her. Instead of giving Bailey full control of the money immediately, they named her responsible aunt, Miranda, as the trustee.

Miranda managed the money carefully, making sure it was invested wisely. When the time was right, and Bailey had a solid plan, Miranda distributed the funds to help her start a small business.

Today, Bailey runs a self-sustaining business, growing her wealth while pursuing her passion. Meanwhile, Toby—who inherited the same amount—has nothing left.

Set Your Kids Up For Success

Both families left their children the same amount of money, but only one of them ensured it would be used wisely. By using a trust, the Joneses protected Bailey’s inheritance from impulsive spending and gave her the foundation for long-term success.

Start Today

Ready to set up a trust? Start by booking a Peace of Mind Planning Session! We’ll answer your questions, explain your options, and share our unique flat fees and process. The session is normally $275; mention this article and we’ll waive the fee! BOOK HERE!