A nice day today, eh?
No one's perfect. (Our mothers told us this).
Unfortunately, sometimes a loved one develops an issue. A problem. With drugs, alcohol, or other behavior. Way more common that most of us think.
The National Council on Alcoholism and Drug Dependence estimates that:
While some of it is harmless, serious substance abuse is not. From the Journal of the American Medical Association:
Up to 60% of patients who receive substance abuse treatment will relapse within one year.
YOUR estate planning
Will leaving them part of your money not help things?
Make the problem worse?
A trust provision requires the trustee to give or use the money in the trust for the benefit of someone else. In the beneficiary's best interest.
This provision is a 'trust' arrangement.
Discussing this when you create or update a will or trust is part of estate planning. If you have this situation, you can deal with it.
You have an adult child with a serious drug addiction problem. The child has a son or daughter the MA court has given you custody over. You're not sure where your own child is living.
A hard place to be.
But if you die, do you want the money to go directly to your addicted son or daughter?
This is the estate planning issue.
I'm Joel Bernstein, an estate planning attorney with over 30 years of experience. I use plain English to help you understand wills, trusts, and the other documents you need to protect your loved ones and your estate.
Most middle-aged people aren’t ready for their inevitable death. We make estate planning simple, affordable, and quick. So people can live in peace, knowing their affairs are in order.