Yup, you can set limits and conditions for how and when the money is distributed. That way, an 18 year old, who, IMO, should never have unlimited access to a bunch of money, doesn't take their inheritance and blow it on 14 ZR1's. You can set things up in such a way that X amount of money is distributed at this time, X amount at this time, and so on and so forth. That's what Ashley and I did.
Also, we added a clause into our wills that, in order for our children to get their inheritance (and in the event we're dead by the time they are 25 years old), they must use a percentage of it to travel overseas, see the world (and hopefully learn something about themselves), and do some kind of charity work.