Unfortunately, you really do not know exactly how well your estate plan will work until after you are gone.
No way around that, but you can improve chances with thorough comprehensive planning and a good maintenance plan.
But there is something else you can do: You can try an estate plan test drive!
You can make a gift to your kids, whatever you can spare, and observe how well they handle things on their own. Do they squander wealth? Do they waste assets? Do they invest well, conservatively, appropriately? Do they do so in keeping with your values, the values you want to transmit?
Of course you can gift the money outright, and that may make sense for really small amounts, but that would be really dumb for larger amounts that can affect tax outcomes and may need asset protection. Some type of irrevocable trust arrangement is usually best for larger gifts.
(You can see some examples here with gun planning.)
You may try to guide your child in handling such a trust and mentorship is definitely an important goal, but remember this is an estate plan test drive so it’s time to take the training wheels off and see if they can stay in control.
What kind of trust vehicle are you giving them? Does it have the traction they need for transmission of Life, Fortune and Honor? Are they capable of controlling it, or going anywhere with it?
