Estate Planning and Addiction - Getting it "Right"
Most families have one - the troubled son with the string of DWI’s or the high-strung aunt with a storage unit full of hundreds of purchased items still in plastic wrap…
What do you do if you have the challenge of a family member who may not be able to handle an inheritance? There are a wide range of compulsive behaviors that inhibit good decision-making and that burden others with negative consequences. Substance abuse, gambling, hoarding, binge shopping (among others) can up-end our family relationships and leave our goodwill in tatters.
When it comes time to decide where the money goes and to whom, trusts are a powerful legal tool that allow a third party or “trustee” to manage resources on behalf of any beneficiaries. This fiduciary arrangement can stipulate the exact terms of how and when disbursements will be made. This legal instrument can play a key role in defining expectations and boundaries that can protect family assets and potentially mitigate the impact of destructive behaviors.
Drafting a successful document of this kind requires a lawyer who can help their client articulate what the real issues are in the family. Are the desires of the client to affect some behavioral change in the beneficiary or to be cut-and-dried punitive? Often a client may not even know right away what it is that they hope to achieve, but the process of thinking it through can be enormously beneficial.
Just as important, does the language of the trust set out criteria that are reasonable or manageable for the trustee to follow? Given the fact that most trustees are non-professionals and family members, the implementation of the trust needs to be realistic about how much time and energy it will take to comply.
Working with a trusted attorney who asks good questions and who listens well can make all the difference in outcomes. Trust documents have major impact for decades to come in the lives of both the trustees and beneficiaries, and should be approached with a sensitivity to all the complexities and emotional freight that underly family relationships .
Remember that the team at Hillsborough Wills & Trusts has the expertise to help you Build Your Circle of Security through strong legal documents and good counsel. We are here to help you succeed! Contact us at: https://hillsboroughwills.com/contact
For more discussion of the intricacies of drafting estate documents that incorporate addiction safeguards, consider looking at this article by Stuart D. Zimring, Esq., CAP: