Any number of unique family circumstances can make estate planning challenging. One such example is estate planning for a blended family. There are many considerations to make when determining how an estate will be divided and distributed in a blended family.
Another example is estate planning when an heir struggles with addiction. Parents of a child who is an alcoholic or drug addict may struggle knowing what to do in this situation. They want the best for their child, but they are concerned about giving their child easy access to funds.
Thankfully, there are estate planning options for people in this situation.
One such option is a trust with specific language addressing the addiction. Within the trust, the parent can incentivize the child to address the addiction - with medication, perhaps - or require that the child takes a drug test before the funds are distributed.
Parents can also designate money to fund a treatment plan. Parents may also wish to designate a healthcare power of attorney for their child once he or she turns 18. There are other options as well that can be discussed with an estate planning attorney.
A trustee is named to manage a trust. It is important for those creating a trust to choose someone who is able to responsibly oversee the administration of the trust.
It is advisable to discuss everything with an experienced estate planning attorney to ensure that your estate plan reflects your wishes - and considers the unique needs of your child or heir.
If you are interested in speaking to an attorney about building a customized estate plan, please call our offices in Casselberry or Orlando, Florida, at 407-917-6786.