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Helping Teenagers Who Inherit Wealth, Elder Law Attorney, Woodstock, GAHelping Teenagers Who Inherit Wealth


If you give a teenager a large sum of money and tell him or her that it can be spent however the teen wants, you can guarantee that a large portion of it will be wasted if not all of it. It is no different for teenagers who receive extremely large inheritances. Thus, teens who inherit need good help.

Generally speaking teenagers are not known for their wise financial decisions. Even the most spend thrifty of teens will waste money if they are given a fortune. It is not their fault as they do not yet have the life experiences to understand how difficult it is to earn money and replace what has been spent.

They truly cannot entirely grasp the concept that money does not grow on trees. For this reason a teenager who inherits wealth needs assistance from a responsible adult to manage that wealth.

Recently, the Wills, Trusts & Estates Prof Blog offered a few tips for adults who are charged with helping teenagers who inherit wealth in “What To Do When A Teenager Inherits A Fortune.”

The tips include:

  • Create a spreadsheet – A spreadsheet of all of the inherited assets and the restrictions on them will help the teen and the adult keep track of everything.
  • Stay in contact – Use regular contact with the teen to help guide them to make smart decisions. It can also be used to make sure that they have good financial management advisors in place when they become adults.
  • Use Teachers and Coaches – Teens who inherit need a sense of purpose in life beyond just spending their wealth if they are going to be successful. Teachers and coaches can make excellent mentors and help guide the teens into meaningful pursuits and careers.

Reference: Wills, Trusts & Estates Prof Blog (Nov. 28, 2015) “What To Do When A Teenager Inherits A Fortune.”

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“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce