If you’re a parent of a child that is struggling with addition, this can complicate your estate planning. You wish to provide the most amount of comfort to your child in the years to come, but you don’t want them to use any resources to continue funding their addiction. It’s important this type of topic is brought up with a qualified estate planning attorney in Santa Rosa. And so in this latest post, we’ll take a look at how to plan an estate when your child has addiction issues.
Choosing a Trustee
There are many options for protecting your wealth in the future, but one of the leading choices is to set up a trust, through which a trustee then oversees how your money is allocated. The trustee should be someone on whom you can depend to carry out your wishes when you’re no longer around. Some families choose an elder child for this responsibility, but this can cause significant rifts in the family unit. It’s often more appropriate to choose someone with a greater understanding of the law.
Setting up a trust overseen by a legal specialist is one great way to safeguard your child for the future. Options such as conditional trusts are a customizable legal tool for managing the dissemination of trust funds. You can set up a condition that your child must go through a year of sobriety with regular testing before they receive the funds. Or they must complete a course of rehab. You work on the conditions with your estate planning attorney in Santa Rosa to ensure your child’s future is safeguarded.
In cases where your child is making the appropriate steps towards recovery, you might consider a spendthrift trust, which can ensure the child receives some of the funds at regular intervals. This type of trust should be overseen by a Santa Rosa estate planning attorney to ensure that the child cannot alter the trust at a later date. A spendthrift trust can be a great way to give your child the financial foundation they need to achieve full addiction recovery.
Our team at Johnston | Thomas Attorneys at Law can help you in setting up trusts to support your child in their recovery goals for the future. To discover more about our company and our full range of services, please call us to book a consultation.