How to Leave an Inheritance for Four Generations
- 1). Create a living trust. List the assets to include in the trust on the trust document. Transfer all assets into the trust, which may involve obtaining new ownership documents to put assets in your name as trustee of your trust.
- 2). Name your beneficiaries. Name your great-great grandchildren as the final beneficiaries and explicitly state that your children, grandchildren and great-grandchildren may use only trust income. State any further stipulations that you wish, such as how much money each beneficiary may use and for what purpose beneficiaries may use trust money.
- 3). Name primary, secondary and tertiary trustees and co-trustees whom you can trust to carry out your wishes. Consider naming a financial institution, as the trust will have a long life.
- 4). Explain your wishes to a lawyer who specializes in estate planning. Ask the lawyer to review your trust documents.
- 5). Have the trust documents notarized and file all paperwork with the appropriate governing bodies. For example, file all real estate documents with the local land record's office.