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