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.
12/19/2022 09:19:43 am
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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.