Addiction comes in many forms, such as drugs, alcohol, shopping, gambling and other destructive behaviors that someone may be unable to control, which not only affects them, but their families as well. An addict can place a strain on their loved ones both emotionally and financially.
A common question to consider is, “If my son or daughter is suffering from addiction or mental illness, should I exclude them from receiving an inheritance upon my death?” Of course, the concern is that if an addict or someone suffering from mental illness receives a large sum of money, they may make decisions that are not in their best interests, or in the best interests of other beneficiaries.
“Parameters may be set up so you do not have to disinherit a beneficiary, but instead can control what they might receive. You may wish to consider establishing a Discretionary Trust, which allows the creator to control any distributions that are made while you are alive or deceased.” says attorney, Mark Astor.
A Discretionary Trust will allow its creator to suspend the distribution of trust assets if, for instance, the beneficiary relapses, does not submit to random drug testing, or fails to continue on a course of treatment. The Trust may also allow one who manages the trust the authority to engage professionals to treat the beneficiary, and if they refuse treatment, then their interest in the trust may be terminated.
If you want to preserve assets for your child’s future benefit, even if they’re suffering from addiction or mental illness, you should speak with an experienced attorney who handles these matters.
At Drug and Alcohol Attorneys, there is a light at the end of the tunnel. They are in the business of making a difference, empowering families and giving you options. They will help you get your loved one into treatment and set you and your family on the road to recovery.