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The purpose of the Incentives we suggest and set out in this work are various and varied. Some Incentives are intended to shape your beneficiaries to make them productive, worthwhile individuals. The purpose of others is to extend familial bonds for the future. Some Incentives seek to make your beneficiaries more creative and interesting persons.
Some of them may well have elements that have appealed to you and which you think may appeal to them. Whichever and whatever, they are mostly designed to encourage and inspire your beneficiaries in some way
The purpose of the Incentives we suggest and set out in this work are various and varied. Some Incentives are intended to shape your beneficiaries to make them productive, worthwhile individuals. The purpose of others is to extend familial bonds for the future.
Some Incentives seek to make your beneficiaries more creative and interesting persons. Some of them may well have elements that have appealed to you and which you think may appeal to them.Whichever and whatever, they are mostly designed to encourage and inspire your beneficiaries in some way.Incentives can be divided into several categories. Our approach for this work is to divide them into
Foundational, Important, Simple and FunFoundational IncentivesIncentives which are serious and foundational. This will be where there is great concern that substantial wealth may prove a detriment if not suitably controlled.The potential beneficiaries may already have exhibited adverse characters and the concern is that they will misspend and harm themselves. In this instance the Incentives need to be very carefully chosen and then set up to ensure that there is control by Trustees and safeguards built in.
For example a beneficiary may have to be in work or obtain a university degree, before any allowance if
given.
Important Incentives
There may be incentives which are important but are not crucial for the beneficiary to survive and prosper. They have a serious purpose in that their effect should be far reaching for example such as your wishing them to learn their family language as that will connect them better with members of the family and community.
Between the other incentives, the Important incentives may prove to be the ones of the most lasting benefit if carefully chosen and well implemented. Some of these may prove to be foundationalSimple Incentives
These may embrace smaller sums of money being given for matters such as reading
book from a chosen list, going on short courses and the likeFun Incentives
Incentives to ensure that your beneficiaries have fun and joy and comprise of fun things that you think they enjoy or are things that you know they already like and find pleasantSet out some examples for the above and also refer to the longer list
Considerations
For Incentives some areas for consideration are education, occupation, marriage, faith and culture. You may also wish to ensure that your beneficiaries have a reasonable set of common life skills so that they turn out to be well rounded individuals whilst retaining their individuality
Much depends on the family, the size and extent of the wealth and on your values and wisdom. The process of considering incentives as part of your estate planning will lead to much more than just your will at the end. It will provide a valuable chance for reflection and consideration of many important areas of your life.Incentives can be a mixture of entertainment, encouragement, education and so on.
There is an ample list of incentives covered in our book on this subject and a small selection is set out on this site. Please see the menu aboveAll heiresses are beautiful”
John Dryden
Clarify or explain that the term Incentive Trusts and why we prefer to use the general term IncentivesState that cannot say too much about each of the Incentives here except to give some flavour. We expand upon each of the incentives in the book and hope explore these further in the light of reviews and suggestionslists
listing the incentives
Foundational
1 .EDUCATION
Education is the most powerful weapon which you can use to change the world. Nelson MandelaAttend at University and obtain a degree in a chosen subject.A Further reward if secure a
post graduate qualification. All costs paid. and on completion a reward of a set sum of money
2. INCOME
Wealth is the product of mans capacity to think. Ayn Rand
The estate to match the annual income earned by the beneficiary. If the Beneficiary earns £100000 per annum the Estate to match that, in whole or multiples
3. CHARITY
We only have what we give. Isabel AllendeTo encourage philanthropy the estate could match charitable donations made by the beneficiary4. LANGUAGES
If you talk to a man in a language he understands that goes to his head. If you talk to him in his own language it goes to his heart.A profound difference can be made if your beneficiaries learn to read and write the language of their origins. There will be better communication with family and will bring the beneficiaries closer to their roots
5. CONVICTIONS
This is where any allowance is conditional upon the beneficiary having a clean criminal record.A check to be carried out every year, will identify causes for concern