If you put the inheritance that you’re leaving to someone in your will, they get that inheritance as soon as you pass away. There can be a short delay as things go through probate or as the estate executor simply gathers and then distributes the assets. But that individual is going to get their inheritance relatively quickly.
There are situations in which you would not want this to happen. For example, perhaps one of your heirs is 18 years old. Legally, they are an adult, so they could get their inheritance right away. But you do not believe that they are mature enough to handle that kind of money, and you would like them to get it when they’re older. Is there any way to set this up so that it is guaranteed to happen if you pass away before they reach that age?
You could put the money in a trust
One way to do this is to use a trust. Instead of putting the money in your will and giving it directly to your heir, you create the trust and then you fund it with this financial asset. You can appoint a trustee to be in charge of it, and you give them regulations that they need to follow.
You could do this by funding the trust with the full amount that you want to leave to your heir. You could then say that they should be given 25% of that money when they turn 25 years old, another 25% when they turn 30 years old and the remaining balance at 35.
This is just one example, and you can pick any specifics that you would like. But it shows how a trust can be used to delay payments and achieve your goals with your estate plan. Make sure you are well aware of all the legal options that you have.