Estate Planning Attorney | If you have loved ones that struggle with addiction problems, you might be concerned about your estate money being used to fuel those addictive behaviors. There are steps you can take with your estate planning attorney to ensure that your finances go to a positive use versus a destructive.
One way you can assist with a loved one’s addictive behavior is by explicitly stating in a trust that you want funding to go to rehabilitation or treatment. If you are dealing with an extreme case, you can appoint a beneficiary or guardian to strongly encourage addiction treatment before any estate money is received.
Another tool to deal with a loved one’s addictive behavior is to work with an estate planning attorneyto devise incentive features. These incentive features are included in your estate plan to ensure those receiving money act responsibly before getting access to certain estate features. For example, you could require a beneficiary to hold a stable job for a certain length of time or to receive treatment before receiving additional monetary assets or personal belongings.
Alternatively, to giving beneficiaries one lump sum of money, you could also use a lifetime discretionary trust structure to space payments out over a length of time. If someone in your life is struggling with addiction, this is an easy way to ensure their harmful behavior won’t be influenced by a large lump sum of money. If you opt for this method of estate planning, ensure you appoint a trustee that is responsible and will also continue to abide by your wishes once you pass away. Your trustee will ultimately have the discretion to disperse the money.
If you want to discuss how to manage your estate when dealing with a loved one who has addiction issues, contact an estate planning attorney with The Law Office of Michelangelo Mortellaro for a confidential consultation.