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In essence , you will be asking your beneficiaries to carry out some task or occupation, after your death, which you believe would improve and enhance their life. In order to ensure that they carry out your wishes you are providing them with an inducement, namely the awarding of a sum of money from your estate upon accomplishment of the task.
The rationale is that rather than just leave money to your beneficiaries and let them spend it as they wish, inducing them to engage in tasks considered to be improving, will enhance their lives and hopefully improve their prospects.
The reward for the task may be a small sum or a large fortune depending on circumstances.
Amount for Incentives
Place this later. Once revision done re organise contents
The amount you set aside for incentives will depend upon the size of your estate, the needs of your beneficiaries and many other factors. If your beneficiaries are quite young, then you will need to take greater care with the choice of trustees and perhaps have stronger Foundational Incentives to ensure that your child will develop a character that your wealth is less likely to spoil.
If your beneficiaries fail to carry out the task or tasks then the set amount could go to a suitable charity or other good cause. Hence the beneficiaries then have a a choice, as to whether or not they wish to perform the nominated task or tasks.And if thought through and applied well, the 200000 will help the beneficiaries to make better use of the rest of the inheritance.l.Perhaps setting aside twenty percent of an estate worth a Twenty million pounds would be a starting point. Of course the proportions could be different depending on several factors, such as the size of the estate and the purpose intended for incentives. The money can be spread across a range of Incentives.
The amount to set aside for incentives will vary from estate to estate and from family to family. Once careful thought is applied as to the range of incentives, and their rationale and purpose it would be easier to decide how to allow for incentives, if at al
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