One of the concerns I frequently encounter as a Brandon inheritance lawyer involves the challenge of estate planning for a beneficiary battling addiction. Here’s a common question we receive:
“My adult child is battling addiction, and I’m considering changing my will. I fear that an immediate cash inheritance could be more harmful than good. I don’t want to disinherit them completely, though, or cause hard feelings. What options would you recommend?”
As inheritance lawyers in Brandon, we understand the sensitivity and complexity of your situation. Fortunately, there are estate planning strategies to address such concerns, with the creation of a Trust being a viable option.
A Trust is a legal arrangement wherein a designated trustee manages assets for the benefit of another party—the beneficiary. In your scenario, a trust could be established for your son with a dependable trustee at the helm.
The trustee, guided by the terms set in the trust agreement, would have control over the assets and discretion over their distribution. For instance, the trustee could be instructed to distribute funds strictly for specific needs like education, housing, or medical care.
Furthermore, the trust could be structured to encourage positive behavior or to disperse funds over time, avoiding a lump-sum inheritance. Regular small distributions or adjustments based on your son’s behavior or circumstances are possible scenarios.
Creating a trust for a beneficiary with addiction issues can offer a compassionate solution, providing support without inadvertently fueling harmful behavior. It allows you to leave a legacy without risking misuse or squandering of the inheritance.
However, setting up a trust is a complex process and laws can vary by state. It’s imperative to consult an experienced estate planning attorney to ensure your trust is structured effectively and legally.
At Law Offices of Laurie E. Ohall P.A., our experienced Brandon inheritance lawyers are ready to assist you. We’re here to help navigate this challenging situation and provide advice tailored to your unique circumstances. Contact us today at (813) 438-8503 for guidance on estate planning strategies that best suit your needs.