Follow this essential life advice.
A conditional gift is when money or property is gifted only when and if a specific event takes place. For example, a grandparent might leave a conditional gift for their grandchild if they graduate college or get married. However, these provisions—which are often drafted in the hopes of encouraging or discouraging certain behaviors—have a tendency to get messy.Walny Legal Group LLC, notes even the seemingly basic condition of graduating from college can turn into a minefield.
Similar roadblocks—and, often, creative workarounds from beneficiaries who want to unlock their inheritance—will also be encountered with other conditional gifts. So, you may want to skip them entirely.There are still ways to achieve the spirit of the conditional gift without getting the law involved.
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