Some families may have a history of drug abuse and addiction. When creating an estate plan, individuals must consider substance abuse.
People are reluctant to leave money for someone who will use that money to feed their destructive and deadly habit. The fear of providing the money that will lead to a person’s continuing destruction or death is justified.
A properly-crafted trust can be used as a tool to motivate abstinence and recovery. A well-designed estate plan can be used to help the individual and not contribute to his/her destructive behavior.
Family members can determine when and under what circumstances the addicted loved one will obtain distributions. In addition, they can establish certain provisions to prevent the trustee or beneficiary from obtaining funds and use them to support their addiction.
The following are common provisions to include in such trusts:
However, the trustee should not be the addict or his/her child. Instead, it should be someone who is natural to the debtor and the trustee.
At Martin Law, PC, we are dedicated to helping our clients create estate plans that protect their assets and loved ones. We can evaluate your case, listen to your concerns, and build an effective and personalized estate plan that addresses your needs.
Contact Martin Law, PC to learn how to structure an estate plan when a person in the family has a drug abuse problem. With the right tools an estate plan can be completed without risking the health and well-being of family members.