In fact few millionaires take the trouble to spell out successors' duties. Though most wealthy Americans believe it's important for succeeding generations to create their own wealth, many of them are lax about ensuring that their surviving kin uphold appropriate standards of stewardship for their inheritances.

"When it comes to leaving a legacy, too few individuals are taking the steps to ensure their heirs do not have unfettered access to their money," says PNC Wealth Management senior v.p. Martyn Babitz. "With incentive trusts you can promote beneficial work and a valuable contribution to society as opposed to treating family assets as an entitlement."

Riders

In a PNC-sponsored poll of 1,123 U.S. adults with annual incomes of at least $150,000, at least $500,000 in investable assets (if employed) or at least $1 million in investable assets (if not working), 62% consider it important for succeeding generations to establish their own fortunes.

Of the 30% that attach "strings" to their wills, many include subjective riders such holding a productive job, running a business or performing good works.

Others include incentives to discourage substance abuse or marriage outside a particular faith. "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," says Babitz.

Perhaps logically, incentives come into play more as asset levels go up; more than 50% of those with estate worth more than $10 million impose stipulations on their heirs.

The survey also shows that 77% of respondents use their will to earmark money for their heirs' education, 46% for basic needs such as housing, 28% for business or career-related expenses, and 16% for specific charities.

PNC Wealth Management is part of Pittsburgh-based PNC Financial Services . -FWR

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