People are inventing ever more ingenious possibilities for passing on an inheritance, and many are now planning ‘heir travel’, travel packages and programmes bequeathed to their heirs.
While tangible inheritances such as property, paintings or even vintage cars were popular in previous years as prized bequests to inheritors, there is a growing trend to offer holiday packages to those beneficiaries that appreciate travel and leisure. The proposition is interesting even for those who would generally rather stay at home than travel, considering its financial implications.
Social analysts feel that there are many reasons why people think that travel needs to be part of one’s legacy. Some want their children to be connected with family members, while others want their children to experience life in other parts of the world. Others see it is a prudent capital management, and travel trust funds are becoming increasingly popular regardless of the base motivation.
The trend has been so popular that some firms are offering solutions for trust creation and travel planning because tax benefits may be derived when a trust is created.
In an interview with Associated Press, Travel Beyond president, Jim Bendt, said, ‘You could give them money and they could go and buy a new car with it, or you could give them this and they can use it to create memories. If you give a child a big inheritance outright, it’s exposed to their creditors, to their divorces. A trust is absolutely something that people should consider.’
Some parents provide such packages with philosophic intensions. These parents feel that they are affecting the behaviour of their offspring in a positive way, by exposing them to the world through travel experiences.