Most Rich Americans Don’t Attach Strings to Wills

Only 30 percent of wealthy Americans who leave money to heirs include any stipulations about the inheritance, a new survey has found, reports the Financial Times.

Of those who do include restrictions, 16 percent have identified funds to be used for specific charitable donations.

The survey, conducted by PNC Wealth Management, found that although 62 percent of respondents believe it is “important that each generation take responsibility for creating its own wealth,” very few wills come with strings attached — requiring that, for example, to receive the money, the inheritor must reach a certain age, keep a job, or abstain from drugs and alcohol.

Those that do include stipulations sometimes use them as “disincentives” to engage in destructive behavior.

“Often, the grantor of the trust is trying to prevent a beneficiary from dropping out of society altogether or to motivate him or her to work rather than live solely off of their inheritance,” said Martyn Babitz, a senior vice-president at PNC.